After this historic election, one thing is clear: With the current state of our economy and country, we need our newly elected officials to succeed in putting the country on the right fiscal track. Whether you’re celebrating or mourning this election, we, as Americans, are all in this together.

The economy is in a deep ditch, we are fighting two wars, and looming challenges like, health care, climate change, and Social Security are daunting, to say the least. The next President and Congress must make some very tough decisions, while adopting some common-sense principles on how to govern. Here are our five most critical:

Keep ‘em honest – Congress needs to remember the importance of checks and balances between all branches of government.   The Republicans were the last to hold the legislative trifecta – House, Senate and White House – but Congress acted like a lapdog, turning a blind eye toward executive-branch mismanagement. In President George W. Bush’s first term, you could count the number of real oversight hearings on one hand.   Failure to watch and account for how powerful government officials use or abuse their power is a disservice to the country. Recently some committees, particularly in the House, took important steps to reversing that trend. They should not let up on providing proper oversight now that their guy is in the White House.

Don’t lose the veto pen – For the first five and a half years, President Bush didn’t veto any  legislation from Congress. President-elect Obama should use the veto pen when strategically appropriate, particularly for bills that serve only to reward fat-cat campaign contributors and lobbyists who may feel they now have a free pass. Vetoes and veto threats build a natural tension between Congress and the Presidency that helps to protect taxpayers.

Pass out the scalpels – During the campaign, there was a lot of talk about taking a scalpel to the budget to trim wasteful spending. Considering the amount of fat and the financial hole we’re in, everyone from Obama to the freshman House member has to get involved in deciding where to cut spending.

Limit the urges to spend first – Many will view the election result as a mandate for major new spending, and there is a growing consensus that deficit spending and stimulus investments are certainties in our near future.   On the heels of years of budget deficits, it is more important than ever that the administration show real discipline: Stimulus packages need to be designed to address root problems and help transition to a healthier economy, not as feel-good political fixes that recycle old, expensive ideas that don’t work. Ideology needs to take a backseat to practical, hard nosed decision-making on where to invest taxpayer money.

Open up government – The Obama Administration and new Congress need to make an early and dramatic commitment to transparency to ensure taxpayers are confident decisions are being made in their best interests. People deserve to know and watch how their tax dollars are being spent.

Obviously these five principles won’t solve all the nation’s financial challenges, but following them will put us on the right track. By accepting these ideas on how to approach the national financial challenges, the new President and Congress can help start us down a path to prosperity and get us out of the economic ditch that we can’t seem to get out of.