I would say stoping the Afghan/Iraq war would save up to 140-160 billions annully, plus taking 500-580billion(leaving about 100-190billions left, and still the worlds largest budget) from the US military/DoD annully would go a long way of cutting down on the 1,3(2010) trillion $ defict. Taking 200 billions from Medicare, 200-250 billions from social security, increasing taxes, would also help, plus cut discretionary spending by 160-250. This would cut down the defict by 1100-1280 billions, plus get some more tax revenews. Plus with a significant cut down on the military budget, US could sell some military hardware plus get sell other property to maybe get a trillion or two, so that the credit ratings ease and US would not have to pay as much credit. Also scraping some largescale reserach projects could help slighly.
This would be a very harsh plan and it still might not save the US. Most Americans would probobly not like this and it would be a loss of face, but I say loss of face is better bankcruptcy/loss of SuperPower title/crippling of economy.
EDIT: the Defict is estimated to reach 1,6billion