This debate is so old that it's become pretty useless.
The approach to a nation's economic recovery is the same as an individual's recovery. Increase revenue, decrease spending. Have we done either of those things? No, we haven't.
Unless something radical and out of our control happens like an inevitable war (not like the ones we've been waging of late), or a disaster of some kind, then there's no real reason why our government can't follow these simply tenets.
The problem is that our government is no longer accountable to its people, but to the larger non-state global actors. These actors don't really care if America is bankrupted because they are no longer relying on American soil to sustain them. They can go anywhere they please after they've leeched our system into oblivion like the parasites they are.