I could say your number 2 is incorrectly framing the issue as well.
I think Stockman has it right -- RED -- revenue, entitlements, and defense are critical components, along with other discretionary spending cuts that are fiscally based and not ideologically based, to realistically begin the pay down the debt.
The best hope may be with the "Gang of Six" in the Senate, three Ds and three Rs, who are looking at all of the above.
Quote:
"Neither side's got all the answers in this debate," Warner said, according to CNN. "The idea that we can do this on simply one side of the balance sheet – well, it's just a spending problem… no, it's just a taxing problem – isn't the case. If we're not looking at both sides of the balance sheet we should not even start this discussion."
...If the Gang of Six does manage to reach an agreement on a plan, it is likely to address hotly-contested issues like reforming entitlement programs such as Medicare, Medicaid and Social Security and revamping the country's tax code. It is also expected to propose further reductions in domestic discretionary spending.
http://abcnews.go.com/Politics/budge...ry?id=13359603
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They recognize that neither extreme position is the answer.