I'm not hopeful that either party has the will to actually stop the cycle.
I agree. On the expenditure side of the ledger, a significant proportion cannot be touched politically (social security, defence, law and order, homeland security and so on) and another huge chunk is the result of the kind of pork barrel spending that all politicians decry in others, but strangely not themselves. Unless there is a polar shift in attitudes then any attempts to constrain spending is just nibbling at the edges. If there is a polar shift then tens of millions would be worse off as their pension or government job goes.
On the income side of the ledger the best that the Democrats can hope to do is to sneak in a few tax increases to try and offset the last set of GOP tax cuts but then it begins all over again at the next cycle.
Interestingly the tax burden seems to have shifted from companies and corporations who, IIRC, provided more than 30% federal tax revenue back in the 50's and 60's but which now are in single digits. Put another way, and assuming that this Wikipedia article is in any way accurate, corporate taxes were 6% of GDP in the mid-50's and now are around 1%.
https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States