As for the budget cuts, we all know that the REAL cuts aren't in discretionary spending, the REAL cuts have to go against NON-DISCRETIONARY spending, the biggest parts of the Federal Budget. That means Social Security, Medicare, Medicaid, etc..
Cutting Discretionary Spending is really nothing more than "trimming around the edges." It's good to do it, but those cuts aren't going to be anywhere meaningful enough to get the deficit and debt back down as they simply aren't large enough.
If nothing else, it will be 20% fewer bureaucrats extending government outreach and sprawl.