^{Democracy & Technology Blog} Cut spending and deficits will go away?

No, cut the marginal tax rates more and the deficits will go away.
Raise the rates enough and the deficit will grow even if spending is cut. Then spending will have to be further retrenched, ultimately reaching the point where the country will not be able to defend itself.
In general, around the world, the countries with low or declining tax rates increase their government spending more than countries with high or rising tax rates. That’s because the low tax countries grow six times faster than the high tax countries do.
What matters is not the deficit, but the rate of economic growth, which depends on low tax rates, secure property rights, open trade, and stable money.