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.