Nations around the world have the same issue, spending outweighs income. That can be addressed in only two ways (the third being ‘improved economy’ is not always a direct policy result – although policy can prevent it, but for the sake of fiscal policy, it is really one of two things) either raise taxes or cut spending.
This video is from the USA makes an interesting point, taking the Declaration of Independence and applying it to federal spending. The point missed is that many of the issues that arose over time were identified over time, and Dan fails to point out that the Declaration is not an absolute truth, rather, like many great philosophical lights, it is prescriptive and open to development over time.
However, the idea that a cap on spending would allow a budget to balance overnight really points out something interesting, you can either cut spending (which hurts state employees and those on state benefits) or you can raise taxes (which hurts the private sector), or you can hit both, but no matter what you do you have to hit somebody and we can look forward to our own brand of this on December 7th!