Inexpensive wine pairings?

And here I was about to suggest Thunderbird and Molly Hatchet.

White - go with "Ballet of Angels" Sharpe Hill Vinyards of Connecticut ($12)

Red - Go with Sterling Vintners Merlot( california ) $15
2 ecx. low cost, can't miss choices....Good Luck!

A terrific wine for Italian food is Amano Primitivo. Under $10 a bottle, and superb.

Probably the best pairing with tomato sauces are Italian wines, so with the Lasagna, I would suggest a decent Chianti or Sangiovese (the main grape in Chianti). Check with your local wine shop for a good suggestion as prices can vary, and there are always bargains to be had. I don't know if you have availability in your area, but some very good wines with lots of flavor are Salice Salentino from southern Italy. These are usually between $7.00-12.00.

For matching with Alfredo sauces, try a fuller wine. A fuller Chardonnay would be good. Try for a full wine with good acid (to cut through the thick sauce) and not overly fruity. A great value in Italian wine is the San Gimigniano di Vernazzia from different growers. Good flavor, with a distinctive finish, and great with food.

Good luck!

Lately I've been enjoying a variety of wines from Rex Goliath. The Pinot Noir, Merlot and Cabernet Sauvingion are terrific and the price is right. I'd go with the Pinot Noir and you should have no trouble finding it for under $10/bottle. I can't be of much help with white wines, sorry.
If you want to spend a bit ($12-18) more I can make a few other recommendations on red wines.
Another thing I would highly recommend is to see if there are any wine retailers in your area. If so, they most likely hold a wine tasting every month. This is a very good way to taste a variety of wines before you buy them. Since you've got some time before the party you should be able to attend a few tasting.
Have fun!