Congressman Connie Mack's “Penny Plan”, is a plan which will reduce the budget (when Harry Reid finally produces one!) 1% for each expenditure across-the-board. In 7-8 years the budget would be balanced. This is the best solution for long-term economic recovery and stability.
Also, it would be helpful to eliminate base-line budgeting and adopt zero-based budgeting making each department and area justify each expenditure. Programs should be eliminated that are no longer effective.
Entire departments, like the EPA and the Department of Education, should be scaled back or eliminated. Force the government to do its primary job, national security. Secure the borders.
Austerity is not a four letter word.
Get the government out of the way and let the private sector breathe and thrive. Now the government unwisely stifles the economy. They say they are here to help, but they are doing the opposite; they hinder. They hinder through burdensome taxes and regulations.