From Wikipedia:
"During the 1990s, the Clinton Administration also embraced neoliberalism by supporting the passage of the North American Free Trade Agreement, continuing the deregulation of the financial sector through passage of the Commodity Futures Modernization Act and the repeal of the Glass–Steagall Act, and implementing cuts to the welfare state through passage of the Personal Responsibility and Work Opportunity Act. The neoliberalism of the Clinton Administration differs from that of Reagan as the former purged it of neoconservative positions on militarism, family values, opposition to multiculturalism and neglect of ecological issues."

https://en.wikipedia.org/wiki/Neoliberalism

Both neoliberals and neoconservatives like privatization and "private-public partnerships". For Democrats it was a break from the New Deal and Great Society, a turn to the right, lead by Bill Clinton, Al Gore and like-minded politicians.