In ECMAScript 2015 (aka "ES6") you can declare default argument values in the function declaration:
function myFunc(requiredArg, optionalArg = 'defaultValue') {
// do stuff
}
More about them in this article on MDN.
This is currently only supported by Firefox, but as the standard has been completed, expect support to improve rapidly.
EDIT (2019-06-12):
Default parameters are now widely supported by modern browsers.
All versions of Internet Explorer do not support this feature. However, Chrome, Firefox, and Edge currently support it.