Here is the thing, you really don't want cheap sparkling wine. It's nasty and gives you a hang over. Sparkling wine is my all time favorite drink, but most other people don't really like it. There is no point in serving a sparkling wine toast, most people take one sip and don't finish the rest of the glass. Let people toast with whatever they prefer to drink. Buy a few bottles of good sparkling wine, keep it at the bar, and let people ask for it.
If you have your heart set on a champagne toast, I recommend Schramsberg Mirabelle. If you want something cheaper than that, try Korbel. Anything cheaper than Korbel is not fit to drink. Schramsberg J Schram is the best sparkling wine I've ever had. good luck
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