Fix the tax code. No person or entity pays more than 25% of their income in taxes. This actually should be in the Constitution, only able to be raised during declared war or a national emergency declared by 2/3 of both houses of Congress or 2/3 of the state legislatures. Even then, it cannot last longer than three years. However, all deductions and breaks end outside of E. I. C.
Keep expenditures 5% below revenues and use the excess to pay down the debt. This goes above and beyond the balanced budget amendment that needs to be passed.
Tear away the regulations that hobble our economy. If a salamander is inconvenienced by Texas oil wells, so be it. If polar bears and reindeer have to move five hundred yards to avoid a well, who cares. America requires cheap energy to produce things and to employ people. We need to streamline the process of building anything in America and enact tort reform. This will restore a lot of our competitive advantage in actually building stuff. The economy grows, revenues rise, the government can afford to do more when the debt is paid off.
We expected too much of our economy, burdening it with too many taxes to pay for too many things while overregulating it. You cannot tax your way to prosperity, so we need to cut our spending drastically. If this means retrenching in world affairs, so be it. We are in a crisis situation here.