Everyone and their dog has an opinion on the national debt, debt ceiling, and deficit issue; so I probably don’t have a lot to add. But, my own take on this is that I could live with deep cuts, even to social programs, so long as there were also significant tax increases on the very wealthy. It’s easy for me to say that, I suppose, since I’m not a beneficiary of any of the major social programs. That’s leaving aside, for the moment, that Keynesian economics suggests that cutting off spending like that in a stagnant economy is a stupid thing to do.
The reason I would insist on increased taxes for the very wealthy is because: a) it ends the deficit and starts reducing the debt that much faster; and b) it helps ensure that the national debt isn’t just being used as a pretext (which it is) to end or limit social programs that some conservative factions never liked in the first place.
Without a corresponding increase in taxes on the wealthy, I get the sense that the dynamic is to keep ratcheting down taxes; gut social security, medicaid, and medicare; not do much at all to address deficits; and generally roll back the New Deal and return us to the status quo of the Gilded Age.