We need a long term plan, including some confidence building measures that demonstrate commitment to the plan whether it is a Constitutional amendment, law, etc. Broadening the tax base, requiring a cap on the federal budget linked to GDP, and other such measures will help keep our debt buyers from fleeing. The UK has taken some very tough measures for that reason. Continuing to spend with trillion dollar deficits every year will destroy any confidence in holding our debt.
Congress needs to start the process of cutting now, but there is no way we can balance the budget anytime soon. That is just the reality. We need a glide path to fiscal responsibility, not a nosedive.
If by long term you mean before the adjournment of the 112th Congress and without increasing our publicly held debt to 100% GDP then we agree.
The only way to have the clarity we need to have those decisions made is to refuse to raise the debt limit just as Pawlenty has argued. That is leadership talking and not excuses nor blame shifting.