Economically, you cannot slash Defence spending as it is a major employer, both in terms of military personel, and engineering, manufacturing and related industries. Defence is a 'clever' part of the economy as it requires extensive R&D, and the technology then flows into general use.
Remember that Germany grew her economy in the 1930s by two main methods: nation-building (infrastructure etc) and military expenditure. This gave them a massive advantage early in WWII.
What the USA needs to do is get the money-go-round happening again. And reduce the power of the states and adopt a small-government policy (as governments waste money). And just chisel away at all government expenditure, trying to find at least a 15% saving in every department. And cut subsidies for agriculture to make your farmers almost as efficient as us Australians...
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