Looking honestly at the deficit, and the inherent weakness in the economy... it seems ludicrous to suggest that Obama or anyone else will magically balance the budget without extending the originally planned tax increases that he's laid out.
It's far more lunacy to imagine that other countries will continue to just write loan checks to us if our government is not clearly working towards solvency.
So, the next president will have to balance the budget... the weekness in the economy will make it impossible to cut ~600 billion dollars out of the national budget - no matter how aggressive the president wants to be... and that leaves an increase in taxes to cover the difference.
Bringing the troops home saves us ~100 billion/year, which is a start... but Obama's healthcare plan will balance that out.
That leaves us ~600 billion dollars that have to be generated from somewhere... There's not 600 billion that you can cut from the budget in a recession.