There is perhaps nothing more fundamental about good money management — by the government or by a family — than being able to pay for what you buy.

That’s why it’s disappointing that neither Barack Obama nor John McCain have realistic and credible plans to pay for the tax cuts they’re promising. McCain would like to not only extend the Bush tax cuts of 2001 to everyone, but also cut the corporate tax rate from 35 percent to 25 percent and add a few other extras at a cost estimated to be $500 billion a year, according to The Wall Street Journal.

McCain says he can provide the tax cuts and balance the budget by the end of his first term, relying on economic growth in the economy, and keeping federal spending growth to 2.4 percent, including a one year freeze on all discretionary spending, usually one-third of total budget, or about $1 trillion.

But a report from the U.S. Treasury said economic growth since the Bush tax cuts of 2001 have barely paid for 10 percent of the cost. Freezing discretionary spending seems unrealistic, given the interest groups involved in myriad programs.

Obama's tax cuts to middle class will cost $85 billion. He would pay for it by raising the capital gains tax to at least 20 percent from the current 15 percent and closing corporate tax loopholes. He would extend Bush tax cuts to those with incomes under $250,000 but he doesn’t say how he would pay for it, according to The Journal.

The nonpartisan Concord Coalition says both candidates want to exempt their tax cut ideas from Congressional Paygo rules that require any new spending or new tax cuts to be offset by other tax increases or spending cuts so as not to increase the federal deficit.

The stakes are too high for presidential candidates to be hoping good economic conditions bail them out of a federal budget situation that is growing further out of control each year. The Concord Coalition says today’s budget policies “burden taxpayers,” “raise interest expenses” make it tougher for businesses to expand and “increase our reliance on borrowing from other countries.”

The accumulation of large deficits year after year, the group says, “undermines future living standards.”

Voters should demand Obama and McCain answer these tough questions. Tough choices must be made. Right now, Obama and McCain offer plans that only put off those tough choices and that threatens our economic future.

In Brief

Summary: Obama and McCain have no credible plan to pay for some of the billions in tax cuts they offer and haven’t suggested spending cuts. Both want to exempt some tax cuts from Paygo rules.

The Record: Obama and McCain did not vote on the Paygo measure last December that would have imposed the budget rule as a way to pay for the removal of the alternative minimum tax.

In March 14, 2006, the U.S. Senate, on a tied vote of 50-50, refused to reinstate Paygo. Obama and McCain voted yes. The official amendment was amendment number 3013 by Sen. Kent Conrad, on Senate Concurrent Resolution No. 83.