My tarot license expired years ago, and this time of transition makes the future even more uncertain. As they say in the trading pits, we’re long volatility.
It is interesting that over the decades since WW2, federal tax receipts as a percentage of GDP has remained amazing stable (something like 17-19%, IIRC) even though the top tax bracket has ranged from the 20s percent to the 90s percent and the economy has gone through multiple gyrations and cycles.
This points to economic growth as being the most important focus. Here the US is doing the best in the developed world. Real GDP per capita is down in both Europe and Japan since 2008 (16 going on 17, to channel Rolf in The Sound of Music).
So, back to your questions. The chances of a balanced budget or reduced debt are quite slim, although the deltas can be changed.
DB2