The NY Times has an interactive page which permits you to try to solve the budget deficit by choosing among various options to reduce spending and increase revenues. Here's my solution. [Updated: here's another try at the solution.]As a good liberal I'm relying on cuts to military spending, returning taxes to Clinton levels, a carbon tax and some tax reforms, and relatively minor tweaks to Social Security and other programs (though I do chop farm programs--sorry FSA. :-)
As it comes out I'm roughly 60 percent taxes, 40 percent spending cuts. If it for real, I'd probably phase in the changes gradually.
[Note: When I tried to recreate my solution, thanks to my commentor for pointing out the failure, I probably made different decisions the second time through.]