Go after congress critter assets to pay off excess spending. It would stop quickly. Then the problem would be that the democRATs would want to spend on idiot projects to prevent Republicans from properly funding necessary government actions.
Staggering debt and fiscal insolvency is a natural feature of any nation or state built on democratic governance.
Penalty - 10% of congressional salary, perks and retirement and 20% tax on all outside income included capital gains realized or unrealized per extra $500 B of debt increase.