One of the most illuminating parts of the debate came when someone asked the candidates what sacrifices they would ask of Americans. McCain said that he would assess every federal program and "eliminate those that aren't working." Not that he could name one.

Obama was no more helpful. He encouraged Americans to conserve energy. Both of them vowed to take on ballooning entitlements, and both declined to explain how.

"They don't make any of the tough choices," despairs Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. "Not even close."

For all their differences, Obama and McCain agree on one central policy: to go on living in Fiscal Fairyland. It will be nice while it lasts. LINK