Do nothing. Nobody seems to be talking about what seems to me to be the no-compromise solution. Are you ready to hear it?
Increase taxes and reduce spending.This is what everyone who does not have an axe to grind in the system should advocate. I remember when a woman came up on stage to Mitt Romney and asked what was going to happen to the deduction that she was supposed to get for what she spends on her child's college tuition. If it was me, I would have said "Woman, that deduction is going away. You didn't earn that. All deductions are going away. We will have one straight marginal tax rate and that is it."