I'd love it...and most of what NateBishop said I've been saying for years. (I'd cut the Marines down as well, but nothing like the Army and Air Force).
(And we've been out of Iraq since Dec. 18, 2011).
China has more submarines than we do (the largest sub fleet in the world). Ours are bigger and better (and more expensive), but they have more. And before you say "they're mostly crappy old diesel boats", they have about half as many nuclear-powered ballistic missile subs as we do. And they're spending rapidly.
Another issue is that China's "published" budget numbers a) don't match expenditures and b) don't take into account myriad things that ours does, for instance, foreign military purchases. If the Chinese buy a sub or plane or tank from the Russians, it doesn't count against their budget. Much of their capital defense spending (new bases, R&D, etc) aren't accounted for in their budget. DoD estimated last year that of the $115B "published" number actually entailed between $140-190B. China has publicized that they plan to increase defense spending by 10% per year, with a disproportionate amount of growth put into making their navy into a "Top 5 Navy" by 2030 and a "Top 3 Navy" by 2049.
As our defense spending decreases (just continuing the trend line--without even discussing the "deep" cuts we're talking about here) and China's increases (with a large portion going to the Navy), by 2016 China's Naval Spending could easily be more than 50% of ours. And they're a theater force, not a global force. That's not even bringing up Russia's modernization efforts to get to 30 front-line nuclear subs (all less than a decade old) by 2020.
Some open-source links (I don't agree with all of the strategies or arguments posted, but they have some stats and references):
http://thediplomat.com/the-naval-di...-to-make-of-chinas-defense-spending-increase/
http://www.heritage.org/research/re...should-respond-to-the-chinese-naval-challenge
http://www.strategypage.com/htmw/htsub/20130522.aspx