If we want to stem the budgetary bleeding at the DoD, it starts with GTFO of Afghanistan. I'd also like to see a major realigning of our forces in NATO (ie bring 'em home save the Herks at ETAR, perhaps an Army logistics sustainment brigade, and keep a Navy facility on the Med open, but close the other facilities and bring those personnel home)...ditto for most other "nation building" operations. Those are nice to have deals that we can't afford anymore.
I think the key the solving our nations spending problems lie in the social entitlement reform, but be honest, DoD can do things different, smarter and save money. Get out of Afghanistan, and close up all ME bases except Bahrain and OTBH.