Increased taxes (on the wealthy) could also be used, not just to pay down debts, but to start new programs like expanding domestic production, back loans for small businesses and house construction. Heck even just 'new new deal' style jobs that build infrastructure.

Though I am partial to using new revenue to increase competition (new startups) in weakly competitive markets. That's the most effective way of increasing supply, and choice, and letting a market function.