Let the fiscal cliff happen in 2013 to reduce the present 1 trillion of deficit spending by approximately 670 billion. Continue working on reforming the tax code in 2013 in order to remove other deductions and loop holes which the country presently cannot afford.
At the same time hyper focus business and government policy on increasing energy-efficiency and developing domestic energy of all kinds in order to stop the capital drain of some $400 billion each year that America is spending on foreign oil (2011 numbers shown here).
This will be a solid investment that will create valuable American jobs and finally set the country on a new financial paradigm. It will also plug a meaningful hole in the bottom of the cash flow bucket and finally turn the nation on a sustainable path to fiscal recovery. By present policies, energy self-sufficiency for America is estimated to be attainable within 10 years. Focus seriously on this today, and more rapid progress starts now. Then we would have something to truly be bullish about.