Here is what I would do - tough medicine, but like any other medicine, once you get it down it's not so bad.
1) Take the $400 billion of the "stimulus money" not yet spent and put it back into the Treasury toward the deficit. It is a waste of taxpayer money and the cost is far too great
2) Any funds still not yet spent for "pork" projects should be returned to the Treasury and paid toward the deficit - roughly $80 billion. We do not need pork at this time, nor do we need to allow Congressmen to purchase votes in this way
3) Disallow any future pork projects - any project that is not for the good of the entire nation should not be getting paid for from income taxes. The guy in Maine should not have to pay for a skateboard park in Florida. That is a Florida project, not a federal one.
4) Reduce taxes on any small business that employs more than 10 persons, allowing them to hire at least one new worker for every 10 currently employed. New hires will put money into the economy, and tax $$$ into the Treasury.
5) Remove wasted entitlements. In 2010 welfare will cost $750 billion, of which more than half goes to unworthy recipients. Anyone receiving government assistance should be required to show that they are unable (not unwilling) to support themselves through no fault of thier own. Assistance should not be going to the lazy, or to drug dealers, or criminals just because they are poor. Poverty should not be the litmus test. The litmus test should be NEED caused by circumstances beyond their control. As the Bible says, waste not your seed upon barren ground, or thorny ground, or rocky ground. Sow your seed only on fertile soil. The $300+ billion returned to the Treasury EACH YEAR, and applied to the deficit.
These simple strategies would reduce the federal deficit by more than $3 trillion dollars over the next 5 years, and $8 trillion over 10 years.
But like I said, our esteemed Congressional grifters would never do any of these things, because it does not allow them to buy votes, fatten their own wallets or provide negotiation chips for gaining greater personal power in Congress. Their own personal needs come before the welfare of the nation, and that is a shame.