Let me net this out:
Long term - I don't have an answer. But I do know that right now we don't particularly need a plan to build a hospital for our critically ill federal budget patient. What we need right now is a tourniquet to stop the bleeding.
Short term - Neither party can be trusted on spending. Divided government has been shown as a historical fact to restrain the growth of spending (as well as deliver other benefits) by scholars, political scientists, economists, historians, and constitutional lawyers. There is exactly one voting booth imperative for anyone concerned about spending - voting for divided government. This means voting straight Republican for federal office in 2010, and if they take Congress, then voting to re-elect Obama in 2012.
Republican vs. Democrat is a false choice.
Divided Government vs One Party Rule is the real choice facing voters.