Here's an overview over the budget:
http://www.wallstats.com/deathandtaxes/
For starters, I consider most of the Navy big ticket programs a bad idea or at least partial failures.
It shouldn't be too hard to find waste in the DoD budget - it's certainly much harder to cut it. An old rule of thumb is that entering budget wars in Pentagon creates many enemies (either way), and that's just not good for those who want to develop their career further.
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