Surely all waste should be reduced or stopped if possible.
However, the difficulty is in sorting out what is beneficial spending and what is not. This can vary depending on which party a politician is associated with. The wealthy individuals and corporations should provide more in taxes. After all they benefit more from the education of masses, infra-structure, law enforcement, and the military.
Cutting the Federal budget is not always the answer. These are usually proposed by the wealthy through the politicians they fund, so that their taxes are kept low.
A better solution is stimulating the economy and or increasing the taxes on wealthy corporations and individuals. The tax revenues will then go up and reduce the deficit. No one will go hungry or homeless while we reduce the deficit. It is really not that painful unless one is greedy. Read my hub on Government spending and taxes during recession.