Well, if the friends of Barney Frank get their way, we'll reduce defense spending. But by using that foundation argument as an excuse to spend more on social programs, we'll destroy the foundation, too (tip to Instapundit):
I hope the White House is paying attention to the latest annual Congressional Budget Office Long-Term Budget Outlook, which offers a truly frightening picture of the scale of America’s national debt, with huge implications for the country’s future prosperity. According to the non-partisan CBO, “the federal government has been recording the largest budget deficits, as a share of the economy, since the end of World War II”
Well, that's cheery. And these people claim they are trying to save our economic foundation. The real fireworks haven't even begun.
Here's the summary of the CBO report.