Many economists as well as the rating agencies, argue that the UK has done a much better job than the US.It sure isn't. Very few economists advocate spending cuts now because it is an exceptionally poor economic idea. The vast majority I have seen call for either holding current spending steady or increasing it in the short term, while enacting long term entitlement and structural debt reform.
For a good case study in what happens when you cut spending now, go look at the divergent economic paths of the US and the UK. Austerity in the short term not only creates additional economic problems, but it has proven to be self defeating by lowering GDP so much that it doesn't even end up closing deficits.
Spending cuts + monetary easing to lessen the pain.