Here's what I would do:
First, I'd take a deep breath and remember I'm working with these dogs and it takes a long time and a lot of patience to overcome fear and reactivity in a dog. It's not a reflection on me, it just is what it is and at least I'm doing something to resolve it.
Then, I'd take the dogs out seperately until both were reliable alone on their walk. I'd make sure they were calm before going outside (sitting, not jumping up and down, etc.)
During the walk, I'd concentrate on the "look at me" command and "sit". If something or someone appears I'd tell the dog to "sit" and have his concentration on me. I'd carry treats and treat for any calm behavior or for "look at me". I would not approach people or their dogs or let them approach us until the dogs are able to be calm on their walk. After a few weeks of calm walks I might try letting people approach and give treats, but that's it - no petting. Then later allow petting if the dogs seems comfortable, etc.
Once the dogs were both calm on their seperate walks, I'd try walking them together.
I know this sounds like a lot of work and a lot of time, but even if the walks were shorter I think it's important to only concentrate on one dog at a time.