It would have to be all of that and more....

Government would have to eliminate ALL expenses ALL of them then all the people in the US would have to give up ALL their earnings not keeping ONE cent, and give their earning to the government towards the deficit for 1 year!!!, and that is just for the visable 16 trillion or so.
That is how much in debt we are and it will not likely happen, so basically the country is going to default on its debt and it will slip from a deep/shallow recession we are now in, into a deep depression.
The debt is beyond what the government says of 16 trillion or so, including the bubbles out their ready to pop, and debt purchased by other countries, and all other erroneous debts simply hiding from public view, and such, it is a crazy from a estimate that I have seen more than once 221 trillion dollars....................
We will not escape 20 trillion dollar depression, much less, than a 221 trillion dollar banana republic 5 th world country.