Cut US defense spending

http://money.cnn.com/2011/07/01/news/economy/pentagon_budget/index.htm?source=cnn_bin&hpt=hp_bn3

"By taking a holistic approach, $80 billion could be slashed from the $553 billion the Pentagon has requested for 2012, the authors say. Expensive projects ill-suited for today's wars -- like missile defense and the V-22 Osprey -- would be cut."

Cut from defense, bring back the pre-Bush tax system on the rich, and find savings in medical expenses (such as running hospitals more efficiently).  It IS possible to take care of the deficit.