I think we need to keep mind that the economy is improving and with it will come higher tax revenues. It make take a few years but it will happen. The spending for job stimulus, bailouts, and unemployment compensation extensions will become a thing of the past. We should be able bring the deficit back to the 2008 level, about 500 billion. The $175 billion we spend each year in Iraq and Afghanistan are going to go away one of these days. If we really want to put our house in order we can dump some of the Bush tax cuts.The Democrats are at $26B and the Republicans are $100B. There must be compromise. I say split the difference with no exclusions and get on with the business of governing. That's a 3.3% across the board cut. I have never seen a business or governmental body that couldn't absorb 3.3% cut.
Even the 100 Billion will not solve the problem, it is only a start.
Unlike a number of countries, we have options. We just have to work together for a change, which IMHO is a bigger problem than the deficit.