The best option is raising taxes. Perhaps a European-style VAT tax.
america does not have much ability to raise taxes. the money holders and the masses would both revolt, toss out the government, and move even more wealth out of the country. massive austerity is in our future, but not till the markets impose it as they have in europe. the american economy is too rotted to produce the tax rev required to keep spending at anywhere near the levels that they are now, any attempt to do it anyways will inflict massive pain on the masses.
governments should have realized that they slit there own throats when they signed on to the global free trade scheme pushed by the wealth holders. unfortunately during my lifetime the best and the brightest have rarely gone into public service ....there was not enough in house smarts to avert disastrous deals. even now when is is clear beyond any doubt that the global economy is gravely diseased we hear almost no admission of this from the government types, and of course no ideas on how to stave of collapse.