What is responsible spending?

If you ask a republican and a democrat that question you will most certainly get two very different answers.  So who is right, who is wrong?  I think actually if we could get past our politics we can actually agree on cuts across the board.  The problem is that each party wants/needs to make there base happy for election time that this is a near impossible task.  I believe that we do need to reform entitlement programs like social security, medicaid/medicare, welfare,  etc.  I think that we should reform education and the money that is given to that.  Cuts should go for the DOD as well.  I don't think we should cut to where we put our self at risk but we do need to do something.  What are your thoughts?