I have written many diaries in 2010 on this subject. There are two parts to ending the deficit. The first is to revive the economy and the second is to reduce costs and increase taxes. They are not the same.
Reviving the economy takes money and renegotiated trad agreements. Money wise, I think on the order of 1 trillions dollars a year over 5 years is necessary. Yes this is a lot of money but is still 1/6 of the 30 trillion dollars in today's money spent on World War II. We know where the money needs to be spent - research, infrastructure, clean cheap non CO2 producing energy, education, . . .
Reducing the deficit is also simple. The largest single growing contributor to the deficit is medical care. Move to single payer Medicare for everyone - citizen and non citizen. Allow insurance companies to provide supplemental care, much as they do for those 65 and older. Next cut defense spending by closing bases abroad, reducing the number of aircraft carriers, reducing the number of bombers, getting out of Iraq and Afghanistan. And finally implement progressive and flat taxation. For example make social security a flat tax on all earned income. Tax capital gains at the same rate as other income. And have high earners pay a 40% marginal tax, have higher earners pay a 50% marginal tax, and finally have the highest earners pay a 60% tax on marginal income.
The government will start making large surpluses in less than 5 years. The economy will be saved. Life for all will be improved.