My first priority would be to make it a requirement that the Federal government stop spending money when there is a budgetary shortfall instead of raising taxes to "cover" the new (and always excessive) spending.
In fact, I'd be willing to help start a movement. I receive a pension. If it would apply to everyone across the board - NO exceptions, NONE - I'd willingly take a 5% cut in my pension. IOW, cut all spending programs - ALL spending programs - 5%.
The only exception would have nothing to do with individuals or their needs, but would be solely contingent upon national defense. After all, war does seem to make a difference. Other than that one exception, cut every item on the federal budget by 5%.
How's that for a plan, eh?
[Of course, this has about as much chance of happening as me adding two inches in height and dropping another 25 pounds in weight...]
George Mason University Professor of Economics Walter Williams writes that the eighteen duties mandated to the federal government by our Constitution would account for approximately just one-third of the federal budget. The other two-thirds of the federal budget is, therefore, "extra-Constitutional" spending -- not authorized functions of the federal government. In other words, two-thirds of the hard earned money we are forced to send to Washington every year is spent by the federal government with no Constitutional authority.
Just as starters, I call for the federal government to display the same type of budgetary responsibility we would expect from a corporation and have a 15% across the board (except military) lay-off. Probably a 10% lay-off for each of the next five years thereafter would tend to bring the budget back in line. It would do a lot to promote Liberty and do a great deal for the economy, too.