PhillupSpace2 sez..... "And if the interest on our debt rises 1%, just 1%, the interest on the debt will be more than the Defense Budget. Defense spending is not bankrupting us!!!!!!!!!!!!"
Why should defense spending be left alone, especially at a time when wars have ended or are winding down? The 3 biggest expenditures are Medicare/Medicaid ($825bn in '11), Social Security ($725bn in '11), and defense ($700bn in '11).
Large scale near term cuts to Medicare and/or Social Security would be nearly impossible in a political sense. Many of the same people that consider themselves very conservative would go into meltdown if their Medicare was to be cut back. That's why every proposal so far only changes the rules for those 55 and less.