As a non-economist / non-politician / non-anything other than being a citizen who manages his own limited accounts pretty well, the whole thing is really pretty simple.
1. Implement NO new spending programs whatever for say four years. That's zero, zilch, none.
2. Freeze all federal agencies budgets at the current level. ALL programs including military and social programs, government employee pay = EVERYTHING.
3. Freeze taxes at the current level.
That would give time for the economy, even as slow as it is, to start growing again. Federal government revenue would overtake spending in about four years and the budget would balance. That is if Congress (mostly Harry Reid and the Senate) would EVER PASS A BUDGET so we can see it.