US Debt: What is the solution?

 After reading this Wiki article about the US debt, I have to say I am well and truly frightened for my children. While I don't think the world will come to an end, I do think tough times are ahead, if they aren't already starting. I also notice that we owe over 7 Trillion dollars to the Federal Reserve. Why don't we revoke its charter, assume its assets and functions into the Federal Government and cut our national debt in half?

Why does no one in DC want to really deal with this? They can barely bring themselves to fight over 100 Billion in cuts right now. Really? $100,000,000,000.00 seems like a lot, and its 25% of discretionary spending, but since our projected  deficit for the new budget is 1.1 Trillion, 100 Billion in cuts means our debt will still grow by ONE TRILLION DOLLARS during the next budget year alone.

We have to get this under control, I just don't know what the answer is going to be.