
Possible solutions and likely outcome
1. Raise taxes: A moribund economy leading even less revenue.
2. Lower taxes: A more active economy leading to higher revenue.
3. Reduce or nix entitlement spending: As noted above, the accelerator is stuck on full throttle. Bush and Republicans added to it with Medicaid, and Obama and Dems are looking to add to it with the health care bill. Alas, there is no end in site. Whatever form of government you may desire, it is in danger with this profligate spending.
Many conservatives decry Obama's executive order to set up a 'Debt Commission' claiming that he is just passing the buck and won't make the hard decisions. At this point, I don't care who gets the credit, what has to be done must be done. So I support the establishment of a debt commission as long as the job gets done.