I know the Cato Institute is just a "glorified PR firm for Koch Industries," but this paper defies easy labeling as lockstep Republicanism. Benjamin Friedman and Christopher Preble make the case for reducing defense spending by $1.2 trillion over 10 years.
They write: "Concern about deficits has prompted greater scrutiny of all federal spending. But the cuts here would be prudent even in an era of surpluses. The United States does not need to spend $700 billion a year — nearly half of global military spending — to preserve its security. By capitalizing on our geopolitical fortune, we can safely spend far less."
That's deficit-busting I can handle!