No. What needs to be cut are the contracts that spend ridiculously large amounts of cash on tiny things (e.g. $65 for a bolt). If we reformed our military spending, we would have an infinitely more efficient and powerful army. But no, that's too smart of an idea.
As for the actual budget, no, I don't believe military spending should be reduced. If anything, we should quick spending so much on our ridiculous social programs.