I'm not US resident, so that's a real question rather than pre-election discussion.
Where I live liberalism never seriously changed meaning in public debate (yet) - it is still more or less faithul to the ideas of classical liberalism from XVIII and XIX century. As such it is an opposite of totalitarianism and socialism. (which doesn't necesarilly mean that liberals enjoy wide support).
Bits and pieces of news from the USA lead me to believe that US "liberals" abandoned the idea of maximization of personal liberties and minimization of the involvement of state in various areas of citzen's life (notably economic activities). Is this a valid observation? Is this used in political debates to discredit "liberals" or did the public generally accept the new meaning of "liberalism"?