The first defense cuts

Barack Obama promised to cut ineffective programs, in order to save money that should be spent on domestic ails.  One favorite target of Libertarians like myself is the defense budget, a bloated monster that consumes half a trillion dollars per year.  

And Obama wants to cut it by 10%, or $50B+.  Weapons programs appear to be the likely target.  An example of that would be the missile defense shield we are thinking of deploying in Poland, despite the fact that missiles aren't generally shot at our country.