The Congresscritters will bloviate, and the talking heads will rant. A proposal to ban earmarks will eventually pass, once enough key Senators attach their earmarks to it. Many committee meetings will be held. Hundreds of dinners shall be hosted by lobbyists, who did grin, and the Congresscritters did feast upon the lambs and sloths and carp and anchovies and orangutans and breakfast cereals, and fruit bats and large chu...
Meanwhile, the economy will quietly improve, and as a result, tax revenues will rise. Various programs set in motion during the recession will wrap up, and interest, dividends, and repayments will accrue, which will cause the deficit to be slightly less than static projections done with poor assumptions would forecast.
Assorted politicians will then take credit for this wonderful, magical deficit reduction, and extrapolating from one data point, will predict that the problem has been solved.
They're all too busy campaigning for the 2012 election to actually DO anything.