The CBO has outlined [2] a number of options for balancing the budget (full paper below). From 'Increases In Tax Revenue' to 'Cuts to Annually Appropriated Spending' and 'Cuts to Benefits or Entitlements', it's all here in a handy Do-It-Yourself Interactive Deficit-Reduction Plan tool from WSJ [3]. All 'compromises' welcome...
Click on the images to link to the WSJ site and try your hand a fixing the $1.1 trillion deficit projected for 2020...
Increases In Tax Revenues
[3]
Cuts To Annually Appropriated Spending
[3]
Cuts To Benefits or Entitlements
[3]