There are 50m American seniors with $16k in spending per capita. Defense spending is 25% of the 3.7 trillion US outlay. Debt interest payments are 6.5%. Even if you drop the $815b in SS payments to seniors, there is still $492b in medical coverage for senior that will just balloon, unless you suggest killing off America's retirees. Even without that you are $600b short of a balanced budget and no where near reducing the debt.
I would introduce a 5% goods and servicing sales tax for debt reduction (legistated to reduce the net national debt, maximum 50% used to make regular interest/debt rollover payments).
I would push for a fully integrated NATO armed forces with each country mandated to 5% government outlay to be in the defense sector. I would slash the head count of the military and invest in mechanisation, keeping only the elite specialists. A few examples:
http://www.dailymail.co.uk/...happens-turn-guns-us.html
I would raise the retirement age 1 year every 2, reaching 70 in 2020. Increasing payments into the system by age (say +0.4% for every decade under 70), would dull the shock of the aging population and give the economy time to grow in relative size to outlays.
I'd slash other various discretionary spending for a total of 30% reduction ($1.2 trillion) and then do a +15% across the board tax increase (so 5% income tax becomes 5.75%) for $330b and a balanced budget at $2.5 trillion.