A balanced budget can be done, has been done, its just the current admin doesnt give a rats ass about balancing anything, because theys teh guberment and can do as they damn well please as long as they continue to dole out to the "needy".
Deficit reduction is going to be the real issue, and thats a lot harder to accomplish. It can be done, and done in such a way that the country doesnt implode, but the welfare state will end, and a lot of government backed programs will end, and unemployment for many would end, none of which IMHO is not a bad thing. The current president doesnt have the balls to do it, but I think Mittens does. He is a business man who will take a look at a program like welfare and cut the shit out of it until its lean and mean and might actually work, or dropped altogether. Still, it will take a LOT to get the deficit reduced, probably 10-12 years of solid policy and hard damned work by the 20% of this country that does not work today, but it is possible.
Now likely? I dont know. A President is a leader, but Congress still has to be on board and that will be an issue. My guess is Mittens will get about 1/2 of what he wants accomplished done, and we can only pray that the following President continues the work, because even if somehow Mittens gets elected for two terms, and the country is on its way to a decent recovery, it will take a Bill Clinton or BHO type a mere single term to undo most of it.
For those who doubt that recovery can happen- Reagan! Reagan came in after Carter completely fucked this entire country. Farms were being sold on a daily basis, farms that had been in families for generations, farmers who were told BY THE PRESIDENT to grow, take out loans, buy equipment and work hard, we were going to sell the produce to Russia, China, etc. and the farmers would make out OK. But then the lying ass sonofabitch boycotted the export of American food- meaning that all that food, all those crops, wasted. Farmers bankrupt on a scale that has never been seen before and hopefully will never be seen again. There were dozens of ribbons in the county square, one for each farm the banks foreclosed on. The American Farmer nearly disappeared, and it affected the entire economy.
Reagan came in and cleaned that shit up, and we recovered. Get the right man in there and shit will happen, Mittens is looking more and more like the man for the job. Yeah, I get that hes not as conservative as I am, but he can get the damned job done, and thats what we are hiring the guy for.