I'd rather see better spending, and I would like to see operations in Iraq come to a prompt end, like next week. I would also like to see our presence in Afghanistan dwindle down to zero by the end of this year. This will save a lot of the military budget to be spent here at home to bolster our land, sea, and air forces.
My kneejerk reaction is to say no to military cuts. But I'm biased...my whole life has been spent in the military either as a dependent or as a servicemember. Don't go messing with my annual pay raises, lol.
However, if they're smart about it, there is a lot of fat that can be cut. All the money we spend training militaries from other countries could be cut way back. Definitely some overseas bases could be closed...and then charge the host nation for the cost of everything we leave behind, from the infrastructure to any equipment or whatever. That alone would save billions.
I'm less thrilled with the idea of simply running away from Afghanistan and Iraq, but that might just be my bias showing again. Smart withdrawal, maybe, but doing it right is more important than doing it cheap.