No, my way would stop excess spending immediately because the spending they are doing is from borrowed money. If a lender knew he could only get repaid in 7 years then that lender would only provide funds that they were certain they would get repaid.
Think of it this way. If applied to you, the bank would not lend you more money than it could absolutely recover from you in 7 years. No mortgage, no refinancing, and virtually no risky loans because 7 years is very short.
Applied to our government, they would be forced to demonstrate to the lenders that they had a plan of cash flow that could repay them in 7 years. This would force a deep cut in real spending so that funds are there. The lenders would disappear if they did not get repaid and this would mean the government could play all the off the books games they want and all the emergency spending but the money would still have to be there.
However, there's still the minor problem of Federal Reserve monetization. The Government can promise to repay all the seven-year Treasury Notes it wants to, if the Federal Reserve just prints up the money to pay off the Notes.
End the Fed?
What are your thoughts?