As we've written here previously, it may be understandable that neither political party wants to talk seriously during the election about how to deal with deficits and debt.
But time is running out. The Office of Management and Budget issued a report Friday that said the $1.2 trillion in spending cuts that will start on Jan. 2 "would be deeply destructive to national security, domestic investments and core government functions."
These automatic cuts, scheduled to occur over the next 10 years, were part of the deficit reduction bill passed last year that allowed the U.S. to raise its national debt limit.
According to a report on USAToday.com, defense spending would be cut 9.4 percent, nondefense spending 8.2 percent, entitlement programs 7.6 percent and Medicare providers 2 percent.
The story said that Defense Secretary Leon Panetta has compared the automatic cuts to "shooting ourselves in the head."
If the stalemate between the parties continues throughout the election, there will be less than two months to work out a deal before the cuts begin.
As of now, both sides are clinging to their positions. President Obama and the Democrats want to increase taxes on those making $250,000 or more per year - the Republicans oppose any increase in taxes and want the savings completely in cuts.
Neither side's plan is realistic. The president's position doesn't generate much revenue, but makes a good sound bite. "Tax the rich."
The GOP plan ignores a tax code that begs to be revised and reformed. There are too many special interest deductions in the code.
The answer needs to include both significant cuts and new revenue.
But no solution will be found - or even looked for - until after the election. Then it will be government by crisis again.
Both sides are acting irresponsibly.
* Editorials reflect the opinion of the publisher.
