Here's Michael O'Hanlon and Alice Rivlin, in yesterday's Washington Post:

For all of their impressive qualities, this year's presidential candidates are woefully short on fiscal prudence. And the next president will face two daunting budget problems. The winner will inherit a large deficit resulting from a weak economy, an expensive war and the persistent political inclination to spend more and tax less. The bigger challenge? Promises made to the growing population of retirees as health-care spending continues to soar.

The GOP, once the party of fiscal and social conservatism, has lost the budgetary high ground. During George W. Bush's presidency, Republicans have cut taxes massively, launched a war without paying for it, added costly drug benefits to the Medicare program, exercised little restraint on domestic spending during the six years they controlled Congress, and allowed deficit-restraining budget rules to lapse. Fiscally prudent Republicans should worry that their standard-bearer is calling for about $300 billion a year in new tax reductions and increased military spending with few credible ways of paying the bill.

Meanwhile, Democrats, who complained that Bush asked us only to go shopping after the attacks of Sept. 11, 2001, should worry that their leaders are more intent on proposing huge initiatives in health care and energy -- while preserving Bush's tax cuts for all but the wealthiest -- than in heeding John F. Kennedy's call to sacrifice for the common good.