This is worrisome for Canada, seeing how interrelated Canada's economy is to the US one. I say, brace for impact. If the Canadian Federal government were smart, we'd adopt a tax-and-axe policy for the remainder of the coming mandate, the only exception to spending cuts possibly being skills training for the unemployed.
At the provincial level too, tax-and-axe woudl be a wise policy, again possibly excepting education funding, seeing that we still need the skills to maintain a strong economy.
As for social assistance for the poor, we'll likely have to simply deregulate so as to allow them to fend for themselves (e.g. scrap the minimum wage, introduce co-determination legislation to allow them to negotiate fair wages with employers, which may simply mean salay cuts for management, not necessarily salay increases for the workers). We may need to work together with other countries to try to blunt the impact somewhat, such as our ministries of education establishing common educational standards for various trades and professions so as to make our workforce more mobile, promoting more free trade with other countries and possibly freer labour-movement too. In short, if we don't have the money to support the poor anymore, we'll have to remove as many barriers as possible to allow them to fend for themselves, to be fair.
As it stands right now, the Republicans will likely not back away from high military spending, and the Democrats either. On top of that, Democrats will likely refuse to back away from help to the poor too. Add to that that the US has become more protectionist over the years too. That spells disaster for the US economy in the long short and long terms. Brace for impact, Canada, because it will hit us too.