You are really kidding yourself assuming Republicans would do it if they had a chance. They might cut small things like ACORN, then Obama will veto the bill and tell voters Republicans want them to starve to make the rich more $$$. Then Republicans and Obama will make a bipartision deal to increase spending and cut some taxes.
When you say 'we' do you mean Republicans? I consider Rs and Ds : 'bad' and 'worse'.
After the Republicans took control of Congress in 1994, they cut spending and brought federal expenditures to a nearly balanced status. Then Bush took over and all bets were off.
I recognize it’s dumb and dumber back there, but the reality is that Congress can balance the budget, and over time begin to whittle down the massive debt.
Increase receipts by lowering taxes and spurring new economic activity, job hires, corporate, and small business growth. Then limit spending until receipts grow beyond the outlay.
Reagan would have accomplished this if the idiots in Congress had kept spending down to a 25% growth rate during his term in the White House.