DrewM at Ace of Spades puts matters very simply:
I oppose government spending not just on financial grounds but also on the grounds of liberty. The more the government spends, the more it becomes entwined in areas of our lives it simply has no place being. I don’t want to balance the budget at current levels; I want to balance it at a lower level as a percentage of the economy.
I would second that emotion and add that, at present, the ways in which this might be accomplished are hard. The single biggest impediment seems to be that our elected officials are primarily interested in being elected–and in the power their positions bring them–rather than in ensuring that our children will have the same freedoms (or dare we say, more freedoms) than do we. So, if our elected officials are more interested in power than in liberty, we have no choice (as we love liberty) but to elect individuals who value it as though it is the life blood of our nation and, after electing them, to hold them regularly accountable for every action they take on our behalf.