I would liken our debt problem/Keynesian spending binge to that of a long time addict on heroin. You simply can't take the addict off of heroin, you have to ween them off using other drugs... likewise, pulling $1.5 trillion dollars out of the economy (roughly, our deficit) would be disastrous, even if it is borrowed or printed money.
With that said, it is vitally important that we balance the budget and start paying off our debt, and soon at that. While I am abhorred by the state of our federal government, I am not so blinded by ideology to actually believe a cold turkey solution is desirable.
EDIT: I probably didn't make my point clear enough. My big fear, is that immediately balancing the budget will create so much short term pain that it will make for an unpredictable ballot revolution (the likes of which that put Rand Paul into the Senate, would look like nothing), which, could potentially make our society (and the world) unstable... It is my belief that a stable society is an important thing, and when you have an ideology that is not wholly mainstream (say, the TEA Party) exerting such a control over the whole country, it can make for some dangerous and undesirable reactions in the other direction.
We have been threading the needle for a long time, and, there is no doubt that getting out of debt is necessary, but, I believe that we need to do so in a responsible manner.