I think it's valid reasoning, he's not at all asking for undermining the defense of a nation but more the reigning in of unnecessary spending to allocate the money to other, much more needed uses like helping Americans at home. Looking at wars like Iraq I would tend to agree that the US does not need to keep spending the way it does on defense.
yeah, he's spot on. you only have to look into spending of contractors like Halliburton to know that the lack of oversight which was systemic under the Bush administration cannot be left unchecked. I remember a story about a year or 2 ago where Halliburton had not properly accounted for something like $25 billion in Iraq. that is serious mismanagement of money that could have been better spent elsewhere.