Party lacking obvious policy for dealing with scarcity (2,7)

I believe the answer is:

do without

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'obvious policy for dealing with scarcity' is the definition.
I can't tell whether this definition defines the answer.

'party lacking' is the wordplay.
'party' becomes 'do' (do is a kind of party).
'lacking' becomes 'without' (I've seen this before).
'do'+'without'='DO WITHOUT'

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(Other definitions for do without that I've seen before include "Forgo" , "Fail to enjoy" , "Don't have" .)

I've seen this clue in The Irish Times.

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