See 17. The whole approach needs to be rethought.
I absolutely agree that we need to rethink what we're spending and how we're spending it, but I disagree that there needs to be cuts. In fact, I'd say that there needs to be additional defense spending but only after we eliminate the inefficiency that is in the US Military now. Now, I'm not sure how to go about doing something like that, but it needs to be done and done quickly.
One thing that I do know though is that we need to rebuild our bases and defenses here on the continental US. Like others have stated, let Europe handle their own problems for once, we need to see to our own house and our own needs now.