Reagan was a proponent of both. By the end of his two terms he realized that cuts were nearly impossible, but he was still a proponent of a balanced budget amendment. About the only thing you can hop for in DC is maybe some simplification, and cutting back of regulations. Maybe spending can be slowed, but it can't be cut. The one top priority we need is economic growth.
You must have both, but the right way is to do whatever it takes to CUT GOVERNMENT. Otherwise you kill our economy and it won't matter anyway. Reagan did his best - he SLOWED government growth. But a sustained effort long enough could actually do it. What if a President simply removed a bunch of cabinet departments (most of them are useless). He could do stuff like that.
Otherwise, as has been said so often, we're just rearranging the chairs on the Titanic.