The sum total of US aid to the Arabs is many times that given to Israel and if it were to be reduced the first to complain would be Boeing, Loral, Raytheon and friends.
If memory serves, every major Israeli victory (1948, 1956, 1967, 1970, 1973) was won without substantive US financial aid. Nixon sent some Navy fighter-planes to help out in 1973, but that individual case of military action doesn't justify making Israeli domestic policy a hostage of US foreign aid monies today. US financial aid was only initiated in size in 1979... as an incentive to give up the vast buffer of the Sinai.
Too bad. The Sinai woulda made an okay "Palestinian State". They could've called it "Philistia" or something.