america is so addicted to the credit card I seriously doubt that it can ween itself from it. Our economy is based on over consumption and superfluous spending for toys, trinkets, and recreation. If we had to live within our budget a huge number of jobs would go begging. The sports, entertainment, and recreation markets would dry up and limp along. The sport utility vehicles and bigger home markets would suffer. Many of the restaurants and fast food purveyors would close their doors. Even the medical industry would experience a drought of elective surgeries. Every thing is so geared to spending by credit that the shock of responsible spending and deferred expenditures would be too drastic for the average american to understand and accept without complaining or protesting.
Unless the taxes were increased or the economy broadened the government's services like welfare and social programs and infrastructure like roads would go begging as well.