Congress is the root of the problem. That institution is incapable of self-restraint. No President can spend alone, they must have congressional complicity to first authorize and then appropriate the funds. Until the American people have had enough and are willing to stand up to Congress, sequestration may be the only functional method to curtail spending. The concept dilutes responsibility to the point any given congress critter can go home and deny it was his/her fault.
2 terms in the Senate (12 years) sit out one term (6 years) to regain eligibility
6 terms in the House (12 years)sit out 3 terms (6 years) to regain eligibility's
Also repeal the 17th Amendment