http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?choices=rydph01d29% tax increases to 71% spending cuts.
Cut foreign aid.
Cut farm subsides.
Cut federal pay.
Cut federal staff.
Cut government contractors.
Cut 'other' federal spending.
Cut aid to the states.
Cut nuclear arsenal and space spending.
Cancel and/or delay weapons testing.
Cut non-essential military staff.
Enact medical malpractice reform.
Medicare eligibility to 70.
Cap Medicare growth.
Social Security eligibility to 70.
Reduce high earners Social Security.
Tighten disability eligibility.
Use alternate inflation measures.
Enact Bowles-Simpson.
Reduce mortgage deduction.
National Sales Tax (toughest one to swallow..).
I tried to avoid cutting military spending and enacting new taxes. Use the surplus to begin paying off the national debt.