It would have an impact, and long term a good one.
Please just take a look at the debt clock I posted in here, and unfunded liabilities.
Some massive cuts to both spending and taxes would be tough at first, and much better for the country long term.
Debt and deficit spending are not a bad thing. But if you are worried about deficits and long term debt than there has to be increases to revenue which is at it's lowest in 50 years pretty much across the board since Obama has been in office, and targeted spending cuts plus doing exactly what has been proposed in cutting future spending growth on entitlement programs.
Cutting taxes and cutting spending is counterproductive to both the economy and to deficit spending. You would essentially not be closing the deficit or reducing the debt while also negatively affecting the economy.
We actually need in my opinion is higher taxes, in particular on the rich, along with targeted immediate cuts to current spending, and revamp future spending on entitlements. Basically exactly what Obama has proposed.
And that isn't because I am a liberal ideologue, that is just where the economy is at this point. I Reagan's tax cuts in 1981 was the right thing also at that time because they were way too high.