There are no spending cuts, and likely won't be. If the economy doesn't totally crash this year or next, eventually the young people of this country will have to deal with the crushing debt. I'm no economist but one doesn't have to be to know that something bad is going to happen economically because of it.
Your missing the larger structure.
In 1980 we placed a bet on the wealthy. We put the middle class on austerity so that we could direct massive new sums of wealth to the top earners in the hopes that it would result in robust economic growth. (The point of the Reagan Revolution was go "all in" behind the wealthy. The theory was that they would invest and grow the economy, and the resultant economic growth would translate into high wages and benefits for workers)
And yes, there was economic growth,
but the high wages and benefits never materialized because the wealthy found it more profitable to have their goods made with the world's cheapest labor - in Communist China. (Indeed, Walmart has over 50% of its products made in China. Where do you think most of your clothes are made. Also, check the label on your Nike sneakers).
So ... the Reagan Revolution didn't grow jobs, it actually sped up Globalization in order to place more global resources in the hands of American producers. That is, it gave American producers access to the world's cheapest labor and cheapest raw materials. The result was massive profit on top. This is why corporations are now sitting on historic levels of cash.
But, what happened at the bottom as Americans lost jobs? Answer: we replaced their wages/benefits with credit cards and ever more exotic debt vehicles. Where did the banks get the capital to keep the middle class afloat on credit? Answer: from the wealthy, who basically started loaning the worker the money he used to make in wages.
This lead to 30 years of borrowing by American families. All this borrowing made them vulnerable to any economic downturn - meaning; they didn't have the savings to combat job loss, inflation or rising energy costs. It basically meant that one large economic disaster could bankrupt too many consumers.
And that's where we are now. The debt overhang is too large for consumers to consume. Therefore there is NO INCENTIVE for the historic level of capital on top to be invested into the economy. (If people don't have money to buy stuff, you can't invest)
And so... we're stuck.
And we can't fix it by giving more tax cuts to the suppliers who are already sitting on unprecedented levels of cash.
We have to fix demand. We have to unwind 30 years of austerity for consumers and go back to postwar FDR demand-centered policies.
You can't fix demand with supply side economics. You can't fix demand with austerity. This is why we are floundering. We are trying to apply Reaganomics to a demand-problem.