Dwight Meredith takes a shot at balancing the budget for w and the punch line is:

Okay, we have cut all of the fat. Waste, fraud and abuse have been eliminated. Perhaps we nicked a little muscle along the way. The problem is that we have cut only $385 billion out of a deficit of $521 billion.
The other problem is that the only discretionary spending left in the budget is for Defense and Homeland Security.
I am not kidding. We have eliminated all federal government discretionary functions except Defense and Homeland Security and the budget remains more than $130 billion in the hole.

Of course, w has no interest in balancing the budget and could hit his target of reducing the deficit by 50% by making some of the cuts Dwight enumerates but there does not appear to be any such proposal in this years budget.
The federal budget situation is a mess and there is no meaningful excuse that the current administration and its republocrat accomplices in congress can offer up to cleanse themselves.