I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
I expect they will strike a deal, although not a very good one. There will be some modest tax increases — which seems appropriate under the circumstances — and some pretend spending cuts. The way they will do it, is to cut spending in the future. Then, after they’ve been re-elected, there is a high probability that the cuts will be cancelled before they actually happen.