It is possible. If government stopped putting themselves and short term incentives ahead, actions like compactions may be possible.

However, it would require immense coordination and collaboration between both parties to do so. And faith, from the people, in their government.

Essentially shrinking the country's influence by willingly removing the dollar as the global reserve. All while focusing on national economic growth through infrastructure build out at national level. And shrinking it's military influence to its borders.

But the likelihood of any of this without war or a default is so unlikely, that it may as well not be an option.

Shrinking the debt, requires a lot more than greed gives back.