Now that health care will be extended in a more equitable and civilized manner, I too would like to move toward reducing the budget. Besides attempting to cut spending, and my goal here would be to get out of Afghanistan and Iraq as quickly as possible, I would also turn loose lots of federal employees and pay commission on uncovering medicare, welfare and social security fraud.
But my real focus would be on raising taxes. That's right, the most hated and politically courageous solution. Let's write tax legislation to destroy the bonus payment structure for financial institutions and other institutions which has placed thousands of nouveau riche into the lap of luxury. Let's sharply increase the percentage of taxes paid on high annual incomes, with, for example, dollars over 1 million 'earned' taxed at at least 50-60%. Beyond that I can support a progressive tax up to 90%. Let's sharply increase estate taxes, not for those passing on the family farm or business, but those for those who have amassed huge piles of cash and securities. Ask Warren Buffet and Bill Gates to design the model. I'm not talking about 'taking everything away from those who worked so hard for it', but I believe our nation is corrupted by, and will eventually be destroyed from within if we continue to allow a privileged elite to contribute nothing more than another larger generation of elite living off of great-grandpa's fortune.
OK, so I'm not making many friends here, but for the long term benefit of our nation, temporary, targeted increases in the tax structure is a big part of the answer.