According to Warren Buffet: In order to end the deficit in 5 minutes. Congress should pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.
While this bill is not likely to be passed, as it greatly effects the very people who would be passing it, the very publicity of proposing such a law may help the house and senate to work towards fixing our country's economic problems. In addition, it may help voters get a feel of which representatives are willing to work toward getting our debt problem under control, perhaps influencing voters come election time.
And should the bill be passed by some miracle, as stated by Buffet, the deficit problem will be solved in "five minutes".