Fred Barnes says not to despair and that yes, we can reduce federal spending. Interesting read.
Two other points. Divided government--Congress controlled by one party, the White House by the other--is a boon to limiting spending. Going back a half century, a study by William Niskanen of the Cato Institute found that "the only two long periods of fiscal restraint were the Eisenhower and Clinton administration, during both of which the opposition party controlled Congress."