One way we can Cut Defense spending, and something I have to give Props to Obama for, is to seriously cut our Nuclear weapons arsenal. Currently we have 9600 Weapons of 10 Major different kinds. With todays Targeting Technology, and our Conventional Military Power, that is a ridiculously high number. I believe as long as we maintain the ability to deliver Nuclear weapons anywhere any time, we could get by with a fraction of that number. Perhaps 5 or 6 Hundred Bombs. Mainly Based on Subs, and Ships, or air droped versions instead of the more costly ICBM's. I give Props to Obama for wanting to talk about Reducing them. Those Nuclear weapons did not only cost a lot to make, they cost a lot to maintain. Not only in security, and testing, but as they age the Nuclear fuel in them degrades and eventually has to be replaced. Some estimates put the cost of Maintaining our Nuclear arsenal at 30% of our entire defense budget. So there is a lot of savings to be had by just stream lining it.