If the US adopts such an austerity budget, the ramifications will be huge and world wide. Among other things, this will require military cuts, and that would mean other countries that rely on the US to protect them would have to start arming, which doubtless would be used by future historians to explain why the world fell into WWIII.
The idea of cutting Social Security is an odd one, it won't increase government revenues unless they also cut SS payroll deductions and then increase taxes to take up the difference. I find it highly doubtful that will happen. It keeps coming up, but I have to put it down as an election year dead horse, until I see something actual. Just MHO, this is a slam at Boomers from Gen X, and it's unlikely to come to pass. Gen X wants help, they just don't want to help anyone else.
What is most likely to happen (again, MHO) is for Congress to quit passing supplemental budget items, which is in effect an austerity budget, given the level of such items over the last ten years. Call it austerity light.
We did just do a sale to Saudi of 60 odd billions of military hardware. That's got implications too.