America has been deficit spending on a massive scale for far too long.
$500 billion in the red on average since 2001. Governments should be responsible with their citizens' money, and strike a balance between government spending and revenue such that the government only runs a deficit infrequently and for very good reason. I believe that we should balance the budget and begin paying down debt as quickly as possible. On one hand, that means increasing revenue by the means outlined in my tax reform plan, and on the other it means reducing government spending. I believe that many of our most expensive programs (Medicare, Medicaid and many defense items) are so inefficient, ineffective, and poorly-conceived and managed that the most effective solution at present is to wholesale replace many of them along more successful models used in other countries.
Target replacement of our current healthcare regime with a less expensive alternative such as a Swiss-model healthcare system. If other countries can spend less to insure everyone with equal or superior results, we can too.
Target defense cuts concerning massively expensive and wasteful defense projects. There is no reason that defense projects should be nearly always grossly over-budget.
Clamp down on government contractors. Private contractors have gotten out of control government-wide and cost taxpayers large amounts of money for often highly dubious work.
Hard look at any other spending category that displays a large disparity between money spent and results achieved. Bureaucratic entropy has created countless fairly useless government programs, and reforms should be of a mind to cut spending through bureaucratic reduction and the empowering of responsible stakeholders to accomplish goals. I'm not particularly interested in across-the-board cuts, but reforming management standards by eliminating the oceans of similar bureaucratic institutions with overlapping, dispersed goals and charging one unshackled institution with any given task.