there is no solution that voters will like. it's that simple.
The solution is to slash teh hell out of entitlements, and cut a shitload of govt jobs and programs.
unfortunately, elections are so close that any candidate who says "we need to cut X, Y and Z" will feel backlash from voters who enjoy the $ from jobs or handouts with X, Y, and Z, who will vote against them.
Both parties talk about cuts. Nobody ever defines what they will cut. The moment obama saves $5 mil by cutting some bullshit worm farm program in Oregon, the right wing media shows the stories of these 200 employees losing their jobs, being evicted, and crying for the camera. The minute a Gov Christie cuts teacher pay raises, you have msnbc whining about 'what about the children' as teachers describe how impossible it is to live on a guaranteed salary of 45,000 instead of 48,000.
Nobody will cut anything. It's pretty much that simple. I disagree with the tax cuts, but Ryan is right about the need to cut programs. And NEITHER party's members will embrace it. They all run from it. They hate specifics.