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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:
 def get_timestamp(time=True, date=True, fmt=None):
 """ Return the current timestamp in machine local time. Parameters: time, date : Boolean Flag to include the time or date components, respectively, in the output. fmt : str, optional If passed, will override the time/date choice and use as the format string passed to `strftime`. """


    time_format = "%H:%M:%S"
    date_format = "%m-%d-%Y"

    if fmt is None:
        if time and date:
            fmt = time_format + " " + date_format
        elif time:
            fmt = time_format
        elif date:
            fmt = date_format
        else:
            raise ValueError("One of `date` or `time` must be True!")

    return datetime.now().strftime(fmt)