"We have a serious fiscal problem that requires action. Unlike in the mid-'90s, gridlock in Congress would be a bad thing," says Bob Bixby, executive director of the Concord Coalition.

"If there is any mandate coming out of this election, I guess it is to something about the deficit. But what? Raise revenues? I haven't heard a lot of support for this idea. Make a serious attempt at reforming entitlements? Almost everyone supports entitlement reform in the abstract, but there are no signs of support for specific proposals," Bixby adds.