Freeze salaries and benefits of all federal employees. Cut all pay above $90,000 per year by 10%. Place hiring freezes on government bureaucracies. Reduce employment by attrition. Stop all first class air travel and other frivolous expenses. Stop the expensive vacations Mr. President. Play less golf while America burns.
Keep these controls in place until the budget is balanced and the deficit continues to reduce for two years. This is what private enterprises do to weather bad times. It works. Do it now. It's a no-brainer.