Well, the government is now funded for another couple of months. If this is what counts as an accomplishment in Washington these days, then hey, we’ll take it. Of course, it only tees up another high-wire act for December, where not only another government shutdown looms but the prospect of a breach of the debt ceiling as well.

Here’s the problem we are facing in a nutshell: Republicans want more defense spending than is allowed under the current discretionary budget (the minor part of the budget we fight about every year). Democrats insist that more defense spending be coupled with a significant increase in non-defense spending. Any likely compromise will only plus up our current half-trillion dollar deficit, which is added annually to our $18 trillion debt. This is not acceptable. More significantly, focusing solely on discretionary spending only diverts attention from the much bigger problem: mandatory spending.

Here’s the unpleasant truth: any serious budget deal has to include mandatory spending which will necessarily include a combination of retirement age adjustments and a more realistic inflation increases within Social Security, along with significantly more means testing within Medicare. The temptation is always to use tired gimmicks like squeezing healthcare providers, but I think we all know we’ve been there, done that.

The bottom line is that additional discretionary spending, which has been relatively flat over the past few years thanks to the Budget Control Act, needs to be more than offset by savings on the mandatory spending side.

Some will say that such a deal could never happen with the divided government we have today. Truth is, such a deal is more likely to happen with divided government. Either party in control of both chambers and the White House is unlikely to assume the political risk associated with a big budget deal alone. Both parties need to hold hands and jump together.

Of course, we ought to throw in corporate tax reform. And, in “If-You-Give-A-Mouse-A-Cookie” fashion, that leads to individual rate reform as well, all the better.

This December, let’s not spend the Christmas season limping toward a meager deal that will barely get us into the new year. Let’s go big, then let’s go home.