If by sensible suggestions, you mean ones that aren't going to leave you worse off (in one respect or another) than your present projections otherwise suggest, there aren't any.
There are a number of threads on this site discussing the issue.
As arcniz suggests, there is a Greek tragedy unfolding as we speak and it will migrate across the Pond...
The public private sector argument going on in the UK at the moment isn't helping those industries that are actually doing the wealth creation.
The Economist mentions how Delphi, the US largest auto parts supplier, has recently sought Ch 11 protection as well. General Motors $15 billion market capitalization is only half the value of its unfunded pension liabilities. In turn it has $70 billion of unfunded medical liabilities.
The numbers involved have far too many zeros behind them to enable a quick solution as Carnage suggests.
Carnage indeed.