"Cut spending" is a two-cent answer. I'm asking what spending you would cut and how, given political and economic realities (as opposed to how things would be in Ronpaultopia). And don't say "all of it." That's just stupid.
Tell all people under thirty that they're not going to be eligible for Socialist Security, since that Ponzi Scheme is unconstitutional and will be phased out. Tell people under fifty that they have plenty of time under the new rules to plan for their retirements, and they're going to be means tested for benefits, and they really should aim at building up a nice greedy nest egg because even if they do qualify for a Socialist Security check, it ain't gonna be much. Adjust taxes so the program is solvent until it's termination, then eliminate the taxes.
Progressively fire government workers as the work load decreases.
Unfortunately, a disease that takes 70 years to metastasize isn't going to get cured overnight.
That will take care of close to 50% of the current US budget.
While this is in progress, identify and cut the other unconstitutional socialist programs. Education should be funded by the local and state governments, if a state is foolish enough to believe it has a responsibility to provide education.
If someone wants to exercise his freedom to not have insurance, he can be allowed to exercise his freedom to die. He does not, and never has had, the freedom to demand strangers pay for his care. No government subsidies of health care.
No government subsidies of practically anything that's not allowed in the Constitution. Oil exploration, farming, HIV free needles for stupid people, etc. None of that should be paid for with taxpayer dollars. Just in case people don't realize it, the taxpayer usually can think of something to do with is money, without any help from the Nanny Socialists.