Believe it or not those are not the only options. Plus the government isn't going to just take the money out of circulation so it won't really fix anything.

What are the other options? Raising interest rates substantially usually causes a recession, balanced budgets always cause a recession.

You will need to provide some evidence to your claims. There is another choice though, stop printing money for a while.

The proof is easy, look at the times the US has had balanced budgets and then look for recessions following a year or so later. Works all the way back to Andrew Jackson's time.

As for stopping printing money, the Fed did that last summer.