Here is Warren Buffet's 'plan' to end the deficit:
You just pass a law that says that any time there's a deficit of more than 3 percent of GDP, all sitting members of Congress are ineligible for re-election. Yeah. Yeah. Now you've got the incentives in the right place, right? So it's capable of being done. And they're trying to use the incentive, 'Now we're going to blow your brains out, America, you know, in terms of your debt worthiness over time,' and that's being used as a threat. A more effective threat would be just to say if you guys can't get it done, we'll get some other guys to get it down.
The problem with this, is that instead of balancing the needs of the country, it puts congress in tunnelvision to fix that one problem, and likely hurts everything else.
It might work in the short-term to get things on track, but it could really hurt the country longterm.
Or to put it another way, anytime you tie a highly skilled position (which being a congressman or senator is) to firm metrics, all you do is create a situation where they will work to meet the metrics, often at the expense of doing a good job overall, and the organization suffers.