Honestly, I don't believe that Obama has any real interest in cutting spending on the military. He's had 4 years already to do that, and honestly if he wanted to do it it would have happened by now. In debate 2 Romney's constant refrain was "he's got a track record, look at that - don't listen to the rhetoric." If we're going to be consistent, we have to look at the track record and ignore the rhetoric here. And that track record suggests that Obama has no intention of making meaningful cuts to the military budget. He has to pay lip service to cutting the military budget because it resonates with the liberal left and the majority of independents. But that doesn't mean he'll actually do it.
Frankly, I wish he would. We could cut 40% of our military spending comfortably while still remaining light years ahead of the Chinese and everyone else in terms of military capabilities and development. That would cover most of the deficit on its own. But it's not gonna happen.