Open Thread: What Should We Do About Our Debts?

We have accumulated massive national debt since G.W.Bush. We know we can't keep adding to the debt and we need to shrink our debt soon. We know what adding to our debt does for the next generation but also what it does for an economic recovery. We also know what not raising our debt ceiling would do to our recovery. Now we have been adding to our debt since the Democrats took Congress. Lets see what the Republicans do with our out of control spending. If the Republicans put forth a bill you disagree with then tell us why. If the Democrats put forth a bill do the same. But please explain what and why if you can. We are in a bad place and whatever the solution there will be pain and broken eggs. The key is coming up with a solution that will do the least pain. It's finding the lesser of two evils. I just can't see putting more debt on our children, in order to not pay the piper on entitlements and over paid public servants. We need to make major cuts in government budgets. It seems that this year is the year when many if not most cities,states and whatnot's are going to go broke. When we look at our real debts it's hard to believe that there is anything we can do,next to anarchy or libertarian style republic that we can do to pay down our debts. As long as we have this massive debt we can't recover. We need to make the hard decisions and cuts now before our debt consumes our economy as well as the next couple of  generations worth of labor. We must not enslave the next generations because we wont deal with our governments over spending habit. Just try and call your bank and ask them if you can take out a loan in your name against your kids future earnings. In other words, make your kids pay for the crap you bought and used. What do you think we should do? And we all know there are no easy, painless answers.