If you haven't tried The New York Times's Budget Puzzle yet, give it a shot. It's a quick interactive exercise that lets you make all the hard decisions (or easy, politically unpopular decisions, as the case may be) to see if you can come up with a combination of cuts and taxes that balance the books.
Here's my solution. Fifty-seven percent of my savings came from tax increases (I returned the estate tax to Clinton-era levels and instituted a carbon tax, among other things) and 43 percent came from spending cuts (I cut military spending everywhere I could).
Balancing the budget is easy when you don't have to worry about Congress or constituents.