The only reasonable thing would be for the US to adopt a long term plan for deficit and debt reduction, much like it did in the 1990s. In fact, if it has stuck to that plan rather than enact the Bush tax cuts, the US would not be having these problems. It might have a little temporary budget deficit but no huge debt or deficit, even with the economy in shambles. Let the Bush tax cuts expire, adopt the spending rules from the 1990s and the budget will take care of itself while allowing the economy to grow. Within a decade the government will be running a surplus and paying down the debt.
If you want something more consider this. The only way out is for the economy to grow. Drastic budget cuts will cause the economy to decline. How will a declining economy allow the government to get out of deficit and repay its debt?