Most of what I hear from people is that they want cuts. Can they ever specify it? Of course not, they just think that we spend too much. If we had good politicians, they say, they would cut the corruption and the system would work fine. Well, we've been waiting decades for that. It's not going to happen. So tell me, how would you cut spending? Be specific!
The major things that would have to be cut are defense spending, medicare, and social security. Those make up the majority of the budget, so if you aren't cutting those, you aren't really getting anywhere.
For social security, I'd just start raising the retirement age for benefits. Get rid of early retirement, and start raising the retirement age by a year every 5 years, starting in 5 years. So if you've got less than 5 years til retirement, nothing changes. 6-10 years, add a year on, 11-15 years, add 2 years on, etc. Keep doing this until the retirement age is just a couple years younger than the average life expectancy. People shouldn't expect to retire for more than a decade on the government's dime.
For military spending, I'd bring home the majority of troops that are operating outside the US. Keep some foreign bases open, but with skeleton crews. Just enough people to keep them from falling into disrepair. Quit playing world police, and we could save a ton of money.
Medicare, I'm not so sure what to do about. I'm not sure I would do anything, but I'm in favor of single-payer healthcare too.
Just cutting social security and military spending could save a lot of money, but it wouldn't be a fast process.
If more savings were needed, I'd say cut everything else equally. Across the board. Every year, everyone gets 1% less than the year before, until it's at a reasonable figure.