1. A method of budget-based power consumption for application execution on a plurality of compute nodes, the method comprising: assigning an execution priority to each of one or more applications; executing, on the plurality of compute nodes, the applications according to the execution priorities assigned to the applications at an initial power level provided to the compute nodes until a predetermined power consumption threshold is reached; and applying, upon reaching the predetermined power consumption threshold, one or more power conservation actions to reduce power consumption of the plurality of compute nodes during execution of the applications, including assigning a new execution priority to one or more of the applications upon reaching the predetermined power consumption threshold.