Thomas Friedman has an eminently sensible Op Ed piece in the July 26, 2011 New York Times: Can't We Do This Right. As he points out, reckless cuts in federal spending by exhausted politicians working under impossible deadlines and maneuvering viciously for political gain are not likely to be the smartest cuts. A reasonable approach would have been, several years ago, to commission a study of what America needs to stay competitive in today's and tomorrow's world in the way of education and infrastructure, and to have planned the cuts around those needs.
Unfortunately, neither political party seems up to this task.