Neoliberalism is a term often confused and broadly adapted because of its root words, but originally referred to a movement in the mid 1900s to turn global economic policy towards a laissez-faire, deregulated market system. It was considered new at the time, and it was considered liberal in the "free market" sense. It was heavily orchestrated and pushed by the Mont Pelerin Society.
There are alternative definitions for the word many people use today, but when someone refers to conservatives and democrats alike as neoliberals, this is usually what they mean. It's also the definition I generally ascribe to, so if you have a different understanding, please let me know so we don't end up just talking past each other.