It doesn't address the issue of gross overspending by the government. Besides, the money is budgeted already, you can't, as president, decide you're going to spend it in a way other than how Congress has allocated it. That is unconstitutional. If you want to truly reduce federal spending, then work with Congress to reduce entitlements (which are anything but), social welfare programs, get the feds out of education and return it to the local school boards where it belongs, stop regulating agriculture, commerce, labor, providing funding and guidelines for health and human services, housing and urban development, transportation, energy, and dissolve Homeland Security except as a clearinghouse and budgetary pipeline as President George Bush intended it.
Think bigger ... there is much that could be cut from states without touching their entitlements ... and those things would hurt and it would not be unconstitutional. You can figure out what they are I am sure.
Streamline government, reiterate States' Rights by making them responsible for the things they originally were granted jurisdiction over under the Tenth Amendment, and start firing Senate and House member staff members, beyond the standard receptionist and legal consultant. Now you've got money for defense, you can run the government on a shoestring and let the local and state governments handle the minutiae the feds have been usurping for 150 years.
So you want the military to be a militia, is that right?