Here is Greg Mankiw's most recent Op-Ed from yesterday's New York Times. He has done a nice job of breaking down the differences (or lack thereof) between the two political parties and their outlook on correcting the federal budget deficit. He is absolutely right that inevitably there will need to be cuts in spending and increases in taxes, neither can be efficient solutions without the other.
One point I would give added emphasis too is the game that will be created on which programs receive reduced funding. Ideally you wouldn't want anything from your Growth Policy list included... unfortunately that probably won't be the case. Here is a link to the Debt Commissions report on the areas of Government Spending and Tax Expenditures that could be eliminated to help reduce the deficit. I like how this report is put together, its' very easy to interpret. Pay attention to the first few slides and then skip down to the lists of cuts and see what you think.
Lastly, here is a link for a game posted last week. It lets you go through a list of spending and cut things you don't agree with; keepnig tally of when, and if, you balanced the Federal Budget. It only takes a minute, but it's interesting to see what would happen if you had control.