It is untenable to spend more than you make. This is true for individuals, corporations, and governments. Total federal revenue as posted by the Congressional Budget Office (CBO) for 2012 was 2.4 trillion. The CBO lists our spending as 3.5 trillion leaving a 1 trillion deficit and taking our national debt at the beginning of 2013 to 12.2 trillion dollars. You cannot spend 44% more than you make for any length of time without becoming insolvent.
We must have a balanced budget with a plan to reduce our debt to a reasonable level within a reasonable time frame. While reasonable is up for debate as a starting figure, lets shoot for no more than twice a single years federal revenue within 15 years