Neither party is remotely interested in reducing spending. Maybe Rand Paul, but that's it. Cuts are not cuts, they are reductions in growth. Budgets are automatically increased each and every year without any voting from congress whatsoever. When the media and politicians talk about cutting spending it is all baloney. Let me give you an example. Lets say the estimated budget for spending in the defense department is $800 Billion dollars for 2013. Then say in 2012 the government spends $ 600 Billion and someone says hey we are spending too much, lets freeze the budget and only spend $ 600 Billion dollars in 2013. The politicians and the media say "Hey we can't do that; we are cutting $200 Billion form the budget." That crazy. ITS ALSO WHY SPENDING NEVER GOES DOWN.
If you look PAGE 411 of the Presidents 2012 Economic Report: http://www.whitehouse.gov/
There is no revenue problem. There is a massive spending problem and the President, Democrats, republicans and the media knows it. They just refuse to talk honestly about it.