However, the US does have a long term deficit problem. I would propose measures like this:
#1 Single Payer (according to Brad DeLong, rising
heathcare is 98% of the long term problem)
#2 End wars, close overseas bases, stop funding useless weapons like star wars.
#3 Allow the Bush tax cuts to expire, either en toto or just on Americans who make over $250,000 as Obama promised.
#4 Tax capital gains as income, eliminate the hedge fund manager loophole. Institute a financial transactions tax (praised by Keynes for helping stability).
#5 Eliminate corporate tax loopholes, tax breaks for big oil and coal; tax breaks for outsourcing.
#6 Tax CO2 emissions. (If fully refunded, this might be just neutral or positive through increasing GDP.)
#7 Eliminate subsidies subsidies for corn ethanol, a process which produces about the same CO2 emissions as direct use of fossil fuels.
#8 Fully restore the estate tax with exemption at 45%, add new billionaire estate tax at 65%.