I'm glad to see people concerned about this (at last). My immediate steps would focus on two primary concerns - Government spending and energy independence. These two areas are closely tied. To cut government spending I would do the following as a start:

1. Stop the growth of government payroll. Have the President & VP take a 25% pay cut, cabinet members and members of congress, 10%. Similar pay cuts in the Judicial branch of government. Freeze them at those levels. The amount of money saved by this is not that much, but the symbolism is important.
2. Freeze civil service and military pay scales.
3. Freeze the pay at government contractors such as JPL, Los Alamos, CDC, etc.
4. Freeze social security at present levels.
5. Stop all new government programs/initiatives.
6. Cut back or eliminate 'nice to have' government programs such as NPR or support for the arts. Require the people of DC to fully support the Kennedy Center if they want live theater.
7. Increase SS Retirement age by 3 months/year.
8. Start pulling back troops from overseas. I see little purpose in keeping troops in Germany or Korea.
9. Sell one-third of US government owned land in the western US to private investors.
10. Take a hard look at the National Park System and close those that have few visitors.

This list can go on and on. It is what we would do if this was our own budget crunch. Instead we are going ahead full steam adding new programs such as Obamacare and cap and trade. The government continues to buy land, not sell and the 65+ crowd feels entitled to annual increases.

Energy independence requires the will to use more of our own resources such as oil-shale. There is more oil in US shale than there is in the Arabian Peninsula. Start developing our oil and natural gas resources. Follow Pickens' advice and convert the big rigs to run on natural gas. Pass laws severely limiting the time in which permitting and construction can be halted by action in the courts. Costs from any delays will be paid by litigants and their attorneys. Fully exploit nuclear power. Build new refineries, especially in California. Open Yucca Mountain. This activity will spur private industry growth and get us back some much-needed jobs in the private sector.

VK is right - if we do not do something along these lines and do it soon, we deserve what happens to us. The Chinese are already selling US Treasuries and have made it clear they will buy no more.

This week may well tell the story. If Obamacare comes into law, control of our deficits will be beyond anything we can do.