I do think that the federal budget deficit will eventually be greatly reduced. However, I do not believe that this will happen any time soon. Of course, this is just an opinion and there is no way to answer this question objectively and with certainty.
I would argue that the deficit will have to be cut dramatically because the US cannot keep going further into debt at the rate that it is today. To this point, our deficit has not hurt us greatly, but that will eventually cease to be true. Eventually, the debt will accumulate (because of all the annual deficits) to the point where it becomes too big and starts to give us real economic problems. Therefore, we will be forced to act at some point.
However, this will not be any time soon. Things are not yet critical and the American political system is too broken to do anything before the situation is critical. The Republicans and Democrats are too deeply in conflict to compromise and so major changes that are needed to reduce the deficit cannot possible be implemented.
Thus, I would argue that things will improve eventually, but not very soon.