If I were President I would restore the role of the Federal Government to it's original roles:

1. Defend the Country
2. Protect and Regulate the Borders
3. Regulate and mediate interstate commerce.

The jettisoning of massive amounts of welfare and special interest spending would be used to:

1. Eliminate deficit spending
2. Pay off the national debt
3. Restore the Social Security Funds spent by congress
4. Rebuild Nationally owned infrastructure
5. Reduce and simplify taxes
6. Encourage extremely rich Americans to contribute as much additional tax as they choose
7. Secure the borders

As a part of the National Defense I would

1. Reduce and eventually eliminate stationing of US Troops in Japan, Europe and Korea.
2. Correspondingly Increase troop strengths in Iraq, Afghanistan and Kuwait (other Middle East Countries as needed).
3. Make a major push in Iraq to seize upon the strengths of the surge with the goal of leaving by fall of 2012.
4. In January 2013 begin the phased removal American Troops from the Middle East
5. Pass the "Assured Destruction" initiative. This would let belligerent States like Iran know that if the US is attacked and it is tracked back to them, we will level their 3 largest cities and destroy their infrastructure from the air.

To make keeping troops in the middle east past 2012 unnecessary I would engage in a National Energy independence initiative with he goal of being energy independent by 2050.

1. Immediately Fund a new "Manhattan Project" to discover/invent a new fuel for cars, trucks and power plants
A. Offer the technology to the car companies for free to incorporate it into their products
B. Seed the buildout of privately owned National distribution so consumers can get fuel for the new vehicles
2. Incentivize consumers and industry to continue to upgrade to green technologies and make energy conservation a National Priority.
3. Continue to use foreign oil and keep our own as a reserve until a suitable replacement is found.

Just a start.