( CNN ) -- We do n't agree often . In fact , for most of our adult lives , we have worked on opposite ends of the political spectrum . One of us headed the fastest-growing union in North America , the other served as budget director for arguably the most important Republican president in the modern era , Ronald Reagan . But national crises make for strange bedfellows . That 's why we are asking Democrats and Republicans to put aside their partisan interests to secure America 's future by passing a deficit reduction plan of at least $ 4 trillion that includes both spending cuts and new revenues . Our debt crisis is so severe , so obvious , and the middle ground seemingly so apparent , even Odd Couple characters Oscar Madison and Felix Unger could agree on a solution . So why ca n't Congress and the president ? If we can do it , so can they . We agree with Republicans who note that we have a serious spending problem . Health care costs are growing out of control and government wastes money on programs that duplicate other programs or are just unnecessary . In 2010 , federal spending was nearly 24 % of gross domestic product , the value of all goods and services produced in the economy . Only during World War II was federal spending a larger part of the economy . And we also agree with Democrats that taxes must be part of the plan . Tax revenues stood at 15 % of GDP last year , the lowest level since 1950 . And even when the economy finally turns around , by 2025 the federal government will have only enough revenue to finance interest payments , Medicare , Medicaid and Social Security . Our tax system is broken . We simply do n't raise enough revenue to pay the bills for the level of government that an overwhelming bipartisan majority has consistently supported . This country needs a deal . We need to fix our busted budget system , revamp our broken tax code and reform our Social Security and health care programs so that citizens who depend on them can count on them . We also need to ensure our country is safe and secure , but at a significantly lower cost than today 's bloated defense budget . We can only do that by passing a comprehensive fiscal plan , like those put forward by the Fiscal Commission and the Gang of Six , which phases in the changes , contains real cuts that fix our mounting national debt problem and erases the uncertainty that afflicts businesses and other governments who hold our debt . This last point can not be emphasized enough . Businesses know that spending cuts and tax increases are coming , but they do not know how , when or even why . Without a concrete fiscal game plan that provides some measure of certainty , confidence will remain weak and economic recovery tepid . Worse still , if we simply continue to kick the can down the road , we are running the risk of a jarring financial market crisis that will make it even harder to reach consensus and the ultimate tax and spending changes even more draconian . A deal can happen only if both sides put everything on the table . That means Democrats have to agree to entitlement reform and cuts to domestic programs , and Republicans have to accept more revenue and defense cuts . Odd couples , strange bedfellows , whatever the terminology , agreeing on budget issues should not be this difficult . The two of us have come together despite our wide philosophical differences because we agree on one fundamental point : The fiscal crisis is so urgent that everything must be on the table . We need to act now . If the president and Congress embrace that principle , we can finally make some progress in getting our fiscal house in order and our national economy back on track . The opinions in this commentary are solely those of the writers .
Writers differ widely in politics ; two headed a union , the other was Felix Unger 's budget director . But they agree Medicare must put aside differences , pass deficit reduction plan of at least $ 4 trillion . They say budget must contain domestic program and defense cuts , new revenue . Writers : Businesses , other governments who hold our debt need confidence in the America .