If we cut the US defense budget by 300-400 billion, we'd still be able to make advancements in technology while still being the most powerful military in the world and having extra money to fund other services (like space exploration). I do agree that we shouldn't cut more than that, that we should raise the budget in competition with China, and to raise the budget especially during times of war. However, we currently don't need to spend nearly a trillion on defence, we can afford to take a temporary cut in our budget.
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