There should be a huge budget cut in the military, and in the CIA and other such organizations. The truth is that these 'secret' agencies have done far more to make the world hate us (by overthrowing and interfering with their legitimate governments) than they have to help us stay 'safe' as a nation. Our military has become this oppressive entity to the rest of the world that's out of the control of the people. Politicians certainly won't be in favor of making those cuts though, because it's what gives them global reach to interfere in the lives of everyone.
Getting out of debt is a total pipe dream for the US. It will never happen, ever - unless there is a complete overhaul of the political system. We aren't in debt by accident, we aren't staying in debt by accident. If there was a real political figure to vote for that would - A) Eliminate the national debt B) Get us and keep us out of war - you could bet that they would get elected by overwhelming majority. Well, guess what, that figure doesn't exist. It isn't a choice we will ever be able to make within the system, because we aren't in control.