There's no way the U.S. can cut back on military spending right now, given how may campaigns it is involved in. I don't think the U.S. gov will ever voluntarily choose to cut back on military willingly. There would have to be severe economic crisis in order for it to be compelled to do so.
One of the more effective ways of shredding debt is to acquire more capital assets, and one way of doing that is through the expansion of military assets and the acquiring of foreign assets. The U.S. bases all around the world either support diplomatic or security ties which in turn increase economic partnerships, or they are involved in campaigns which will bring resources to the U.S., such as oil. As long as the military is involved in activities that increase assets, their function is helping the U.S. and not hindering it.
The main concern is whether or not those assets are going into public or private hands. If the latter, then the military is just distributing risk to the public coffers while privatizing the gains. That would be typical of the neo-con agenda that is on the increase in the western world.