A helpful chart of the 2010 federal budget. Together, entitlements (Social Security, Medicare, Medicaid, unemployment, welfare) makes up a whopping 56% of the federal budget. So I'm all for cutting those. What Congress is arguing about right now, cutting non-discretionary spending, is totally pointless. It's like trying to clean your house by rearranging your closet. The only way to put a dent in the deficit is to tackle entitlement spending, which is taboo (although some people from the Tea Party want to go for it next year). Going after the small stuff doesn't do anything and imo, what Khajmer said (other than defense cuts) wouldn't really make a dent at all in the deficit since it's still in the realm of discretionary spending.
I'm also against huge defense cuts as I'm a firm believer in the US as a world policeman. Ultimately I would like to see Social Security privatized.