OUR OVERSTUFFED ARMED-FORCES

President Clinton and the Republican Congress do not agree on much, bu t both want to give the Pentagon more than it dared hope for in the po st-Cold War era: some $260 billion a year. The Joint Chiefs say the Un ited States should be ready to fight two wars at once, but would this really take as many troops as they claim, and is it even reasonable to plan for id Look around at what allies and enemies are spending. Elec tion time, however, is almost here, and politics in the defense debate has seldom run higher. What makes no strategic sense is good on the h ustings.