Well I'm not American so I don't have that much knowledge about your military, but this I think is a clear signal that USA could spend less on the military.
Top 10 countries military spending.
USA 663 billion dollar
Total Allies: UK, France, Germany, Japan, Saudi Arabia, Italy 309 billion dollar
Total Potential enemies (not official enemies yet on the list) Russia, China 161 billion dollar
And India that can be said to be "neutral" 37 billion dollar
The list also goes on with a lot of allied countries to USA. But if you only look at the top 10 list, you can see that even in worst case scenario (China and Russia as allied enemies towards USA, and USA loosing some of their allies for example France and Saudi Arabia) the military spending of USA allieds alone would be bigger then the spending of USA enemies. Not then even counting USA own enormous military spending.
List of countries by military expenditures - Wikipedia, the free encyclopedia