Cutting spending, fairly easy. But you have to battle the idiots that want stupid things. We do not need to spend on "Obamaphones" just as we do not need to pay a farmer to not plant a crop. Out of that $168 per day to food stamp recipients, most of that is government waste, the average person, if they ate three meals a day at a fast food place, would spend $20. Add in $2 for water/milk a day and now it is $22, add in necessaries like toilet paper, we bring it to $25. We can double it with government costs to be $50 per recipient per day.
There are TONS of areas that can be cut, we can cut the budget by 50%, still pay out SSI to those that paid into it, along with the same for Medicare (remember that also was paid for by those workers.