In the UK well a cull of costs needs to happen everywhere, there isn't one thing that could sort it out. A good place to start however is trimming the fat when it comes to public sector employees. Too much of public spending when it comes to things such as the NHS is tied up in paying the wages of over paid middle management types, who earn a fortune for jobs that could easily be covered by those above and below or to coin a phrase too many chiefs not enough indians!
Thing such as reducing MP's wages, removing the second home allowance and the expenses allowance. MP's are well paid, if i'm not mistaken the average wage for a seated MP is £60,000 either the wages get cut or the allowances do, being an MP is a priverlige and the amount they get away with when most of them really don't seem to care is mental!
Military spending could always be cut but not when we are currently at "war" (that's for another day) the people who feel those cuts are those who should be as well protected as possible!
When it comes to the US, i couldn't really comment as i don't know enough to make an educated argument!
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