Missing in the debate over whether taxpayers should bailout Wall Street is any plan or attempt to explain how to pay for the $700 billion bailout.

It is not news to say that Congress and this Administration like solving problems by spending money. And in the case of the Wall Street mess, it is looking inevitable that taxpayers will be forced to fork over an unprecedented level of cash. But what is frustrating to us is that piling up more debt will cost our nation even more than the current price tag if we don't start to make some hard decisions on spending priorities now. We may never see the full extent of our nation's budgetary problems, but our kids certainly will.

Some are saying that if Uncle Sam is able to sell at a fair price the bad debt that we are planning to buy, the bailout will likely cost us well below $700 billion. That would be great. But it is just as likely that the costs of the bailout plan could balloon to well over a trillion dollars.

The Administration and Congress have already blown a $400 billion deficit hole in the current budget, so the budgetary deck is stacked against us. Hoping that the bailout costs a “modest” $250 billion or so should not delay our cutting wasteful and unnecessary spending from the federal budget. We need to start today figuring out how to save some money, and all proposals should be on the table. Here are a few ideas to get us started:

Cut Defense Spending – Spending items in the Defense budget should not escape scrutiny simply because some lawmaker said it is important to the national defense. Defense spending has become the third rail in spending cuts, and very few lawmakers even consider touching it. But just the very fact that non-emergency defense spending now makes up half of all discretionary spending in the budget makes it a critical place to start. Our nomination: start with the F-22 and other weapons systems not necessary to fight the Global War on Terror.

Social Security, Medicare and other entitlements – In order to shore up our credit rating internationally, we need to consider ways to reduce the long-term budgetary impact of these important programs sooner rather than later. Right now, Medicare spends more than it brings in. That day looms for Social Security. Enacting reforms to ensure these programs do not depend on deficit spending would send an important signal to international financial markets that the U.S. is getting serious about our long-term budgetary liabilities.

Stop Wasteful Contracts – The government wastes tens of billions of dollars on failed contracts where the government gets nothing. A recent report estimated the cost of failed contracts with the Department of Homeland Security at $15 billion. We have seen similar results in Iraq. Let's end these contracts earlier and stop wasting our hard-earned tax dollars.

Lead by Example – There are also small but symbolic acts lawmakers can take. For instance, at a time when lawmakers are asking taxpayers to fork over $700 billion, all 535 lawmakers should say no to their annual pay raise. They should also say no to the $6.6 billion in earmarks just passed for this year.

Nobody expects Congress to find $700 billion in spending cuts to pay for this massive bailout package. But what has to change is that taxpayers need to pressure Washington to adopt the same fiscal discipline that they are now demanding of Wall Street. Uncle Sam just cannot keep spending money without figuring out a way to pay for it.