So to my surprise, Obama's deficit reduction committee announced some ideas recently. http://www.foxnews.com/politics/2010/11/10/deficit-commission-recommends-changes-social-security/ . The reason it surprised me is that usually these types of committees don't amount to anything. But, since they are led by some former politicians, they are savvy and know that the first person to propose something sets the discussion for the future debate.
As for the actual merits of their proposals? I would love to hear from the expert on government spending, Mr BQ Budget Master.