Ironically the result of all the cuts will likely be a reduction in the size of the economy - which can actually lower the tax take too (a portion of the money flowing around the economy comes back in taxes) so the combination of that will likely be an increase in the US's debt to GDP ratio and reduced living standards for most people.

That is not to say that Governments can spend to excess with no consequences of course, but that these indiscriminate cuts are likely going to have the opposite effect as intended.