In the News - U.S close to $1 trillion Deficit. What to do now

In the united states today we now have an estimated $1 trillion dollar deficit.  Since we were trying to rescue and to try to save the banking system we have fallen into this deficit which is very high at this point in time.  This means that the next president and so future presidents are going to have to raise taxes in order to pay off this deficit that the United states government has out itself in.  If you were to look at it in other terms for how much each household would have to pay up and it would pile on an extra $8,620 of federal debt.  I do not think people in this day in age, especially with this economy the way it is going has the money to just give away like that.  This world has to seriously bounce back from all it's problems in the last couple of years if it expects us to survive financially in it.  The US government has made a three year plan for it and the first year a lone, the United states of america and the US treasury might spend $400 Billion dollars, which is a lot of money.

Questions:

1.) In your opinion, what do you think the US government should do in order to stabilize the economy to not be in such a huge deficit?

2.) Do you believe that taxes should be raised in order to pay back the debt that we are in?

3.) If you were president of the United States in January of 2009, what would you do in order to solve this deficit problem?