The problem with trying to nickle and dime our way to fiscal responsibility is we will never get there that way. That is because, with our current tax structure, you could shut down the entire US government outside Defense and Entitlements such as social security, and we would still be going in debt. Realistically, we cannot function as a developed nation if we shut down the entire discretionary side of our government. http://en.wikipedia.org/wiki/File:U.S.Federal_Spending-_FY_2007.png
We either have to go back to a revenue structure that actually works, or we have to eliminate Social Security, Medicare, Medicaid and aid to families with children. Even completely eliminating our military wouldn’t, by itself, balance the budget.
If we chose to keep tax cuts for the rich and let the elderly, retirees and the poor fend for themselves, so be it. We can balance the budget that way. But I think we will destroy what remains of America as a land of opportunity. At least for any outside a tiny handful that are the ruling elite.
I really think that once we are out of the recession, we have to raise top tax rates. I think so even though that probably means I have to pay more.