Even though fiscal control is needed in spending, the least traumatic approach for the economy is a combination of budget cuts and tax increases.
We must not forget that 70% of the U.S. economy is consumption and that it depends heavily on the middle and lower class. The upper class, although they may spend more per-capita, represents a too small percentage of the population to have a significant impact on the overall consumption figures.
Even in the case of New Jersey and a number of government reductions I have proposed: If the state economy is excessively weak, it would not be prudent to reduce a large number of political appointees at once. The contraction of government would have to be done at a prudent pace.
Cutting borrowing cold turkey as the TP is pushing for, will choke off spending and exacerbate unemployment, with dire consequences for the American people and the nation.