Propose specific federal budget cuts that will produce a balanced budget by the end of President Obama's term.

It is imperative that we halt, and reverse the growth of federal debt. This is not a partisan issue, it is a national issue that will harm all Americans if it is not addressed. We are racking up new debt to pay for current programs, by borrowing money that will be repaid by our children, with interest. This is not fair to them.
Since current federal spending vs GDP is at a historical high, we should balance the budget by reducing spending, and set aside any discussion of tax cuts until the budget is balanced.
If targeted spending cuts are too politically difficult to achieve, then federal spending should be cut by 2% per year across all federal departments until the budget is balanced (matches tax revenue).