Much has been made of the US Federal debt, which currently stands at over $10 trillion. While this number continues to increase as the government tries to spend its way out of a recession, the government will eventually have to reign in costs. Spending on healthcare and education can result in a more productive, and therefore richer, society. But the cuts will have to happen somewhere!
This year, US military spending is expected to come in at around $650 billion (note that this excludes spending by the Department of Homeland Security). This is larger than the entire 2008 US budget deficit, and is nine times larger than China's military expenditure.