That's not it at all.
The cuts necessary to stop spending more on a daily basis between now and August 2nd, would essentially require us to completely disband the military and stop every Medicare and Medicaid payment. And even them, the interest on the existing debt would still make each daily outlay greater than daily income.
The debt ceiling has nothing to do with future spending (or spending cuts).
The debt ceiling is the point at which the US can no longer spend what it borrows. The only response can be to not make promised payments (usually in repaying Treasury Bonds). If we don't pay on Treasury Bonds, they become worthless. The dollar collapses and the economy falls apart.
This isn't about spending cuts, deficits, or the debt, its self. This is about paying for the sins of the past.
If you cut up your credit card today, but kept making the minimum payment, your interest is still going to accrue. You've done a good thing by cutting up the card; but if your interest goes above your credit limit and you don't pay it, you're going to get your ass in trouble and your account will be cancelled and then, instead of payments, you will be forced to pay the whole thing in one fell swoop. Now, you can call the credit card company and ask for a credit limit extension that will prevent overlimit fees and the risk of your account being cancelled. OR you can decimate your livelihood by trying to pay off your credit balance all at once.
You may disagree, but most Americans of all political stripes agree that we have to cut up the credit card. And we have to make more than the minimum payments on it. But none of that has to do with the debt ceiling. If we don't raise the debt ceiling, cutting spending in the future won't matter; because it will harm our economy to a degree that will only make matters unmanageable. The increase of the debt ceiling shouldn't be held hostage to specific and promised cuts. And anyone who claims that we can fix this without looking at revenues (tax increases), shouldn't be taken seriously.
Do you believe 'little' Dick Durban this past weekend when he says that $21 Billion is a good start on Trillions? Hell you might as well piss into the wind.