Rep. Randy Forbes (VA-4) has an interesting guest post over at Bearing Drift where he lays out a plan to cut discretionary (not mandatory) spending by 10% per year for the next 5 years. This would cut billions of dollars from the budget, which would help close the deficit gap without raising taxes or even touching some of Washington's most sacred programs (Medicare/Social Security for the Dems, Defense for the GOP).
This would be an interesting start to really getting back to some kind of fiscally responsible budgeting. Plus, it forces the government to look at some of the "smaller" things it is involved in, and makes them ask "do we really need this?" If successful, it would move Washington's overall budget philosophy into a different direction.
It's worth looking into.