The game is too incomplete. Besides cuts I would also try to raise inflation slightly to around 4% rather than being flat. I would also think about raising the military retirement for new comers one year every other year until it hits 25 years of service, along with other 20 year retirement programs such as fireman and policeman. No promises broken. Long term savings but it will help eventually. Also would pass immigration reform in which immigrants in the US can get instant citizenship if they purchase a new home and pay a penalty. Also would require all home loans to be restructed with a cap of 6% fixed, all credit cards to no higher than 12%. Lower the foreclosures and you lower the tarp money need. Taxes on each home sale in Washington run 2% in just excise tax and 8.2% on improvments in sales tax on new homes. Brings in millions directly and much more indirectly. Inflationary prices in the housing market are what provided the funds for rampant consumer spending and high revenue for the government to spend. We now are seeing the exact opposite. A stabilization of the market could provide the opportunity for refinances and for more resales, providing both jobs and government taxes. Right now the banks are driving down prices by restriction financing and dumping foreclosures. We need the opposite. Easy, even ridiculous, restructuring would delay the onslaught of low priced housing and would work to give more consumer confidence. How hard would you work to save your home if every 3rd home was in foreclosure, you could rent for 25% less, and your home is 25% upside down. Many people see no need. Add the money to the top of the loan, give them a 1% interest for 5 years and let the market have time to work itself out. Even let them rent it. In the long term we all would be much better off.
I would look at a short term further reduction on social security and medicare benefits for people with high income or assets, which we have had in the past. It is no more unfair than telling me I need to retire at 67 instead of the 65 I was promised.

Long term debt can be quickly erased if we have a low interest rate on it and a good inflation rate with sustained growth. Look what happened in the past. I am less worried about the debt than the fact that our government appears to be more and more for big money and less regulation of corporations and the stock market,which is funded largely by 401 k's. Anotther problem seems to be the Chinese control of our debt which is forcing the governments hand in relation to inflation.

The answer isn't easy and it won't come just by reductions in spending or increases in taxes. Both could be the exact wrong thing in the short term.