This situation would seem to be far and away the preferred course from a risk-management standpoint. Under such an approach, which I will term co-independence, the United States would gradually cut its budget deficit. Doing so would reduce aggregate demand and hence require other changes to preserve full employment.
One such change would be that currency rates might shift in the direction of increasing U.S. net exports. To the extent that stimulation of net exports did not offset the fiscal actions fully, there is always monetary accommodation. One of the key mandates of the Federal Reserve is to preserve sustainable employment levels, and the Fed certainly could do that.