Craig,
No doubt, Presidential trips and govt overhead costs are a drop in the bucket, budget wise. So is foreign aid and welfare for that matter. Hence, I asked if it would be worthwhile to make a symbolic gesture.
Social Security, Medicare and defense are the big 3. TARP and the Stimulus are current one year wonder offenders, as is the Iraq War and the War on Terror (a long term cost we can't keep putting off budget). We can't balance the budget without huge cuts in all three, but they are so interwoven into lives of seniors (in the case of SS and MC) that it would be hard to do.
Here, from Wikipedia, is IMHO the biggest single problem we have:
"Medicare and Medicaid were added in 1965 by the Social Security Act of 1965, as part of President Lyndon B. Johnson's "Great Society" program. Social Security was changed to withdraw funds from the independent "Trust Fund" and put it into the General Fund for additional congressional revenue.
negative trends were exacerbated by a colossal mathematical error made in the 1972 amendments establishing the COLAs. The mathematical error which overcompensated for inflation was particularly detrimental given the double-digit inflation of this period, and the error led to benefit increases that were nowhere near financially sustainable. (They doubled the COLA for inflation...how does that happen at the National level?)
There is more, but basially, the demographics of social security have changed a bunch, but the political desire on both sides to keep giving away free money so they can get elected is problematic. A balanced budget ammendment (with NBA salary cap style loop holes no doubt) or the people standing up and saying we need to spend what we take in is required. Now, by voting Republican, many think they are saying that, but history proves they are no better than the Dems at practicing what they preach.
What we will probably get is a dozen more "commissions" to study the problem until well after anyone authorizing it is out of office and might have to act on the recommendations.
However, us running out of money has been predicted many, many times, just like running out of oil. When will it really happen?