Fred Clark has a really neat idea about how to Fix the deficit. Implementation is a bit tricky, but it has all sorts of good properties if one could pull it off.
For background, consider Kevin Drum's pithy observation that — unless we go down the road of giving rich people more tax cuts at the expense of poor people's kids — everything you really need to know about the deficit is captured in one chart on p.4 of this testimony by the Congressional Budget Office.