A few weeks ago, MaxedOutMama linked to a New York Times interactive graphic allowing you to eliminate the deficit. The page provides options for both spending cuts and tax hikes.
M_O_M's suggested approach is here; she proposes a mix of 68 percent spending reductions plus 32 percent tax increases. My similar suggestion is here; I chose to rely 79 percent on spending cuts, 21 percent on higher taxes.
The biggest differences?: foreign aid (M_O_M would cut in half, I wouldn't); farm subsidies (she retains, I eliminate); state aid (she retains, I cut by 5 percent); troops in Afghanistan and Iraq (she would reduce to 60,000 by 2015, I retain); Social Security retirement age (she retains, I raise to 68); taxes (she supports President Obama's proposals on estate tax and income tax increases for >$200k earners, I oppose both); and mortgage interest deduction for high earners (she eliminates, I retain). Both M_O_M's and my "plans" cover the shortfall in 2015 as well as 2030 although, as she notes, "the numbers given are not realistic. In fact net savings would be less."
What's your suggestion? Try your hand here. Or try the Pajamas Media version here. And the Economist magazine compares deficit reduction plans here.