Here is a smart summary (by Dan Morgan) of the state of play as new "fiscal hawks" in Congress approach cutting into the sacred cow of the Pentagon budget.
http://www.thefiscaltimes.com/Articles/2011/02/18/Obama-Punts-Republicans-Bunt-on-Defense-Budget.aspx
Of course, any cuts the House proposes (including a just-passed end to the $1 billion+ alternative engine for the F-35 Joint Strike Fighter) will still have to be approved by the Senate and the President before they take effect. But this is a new breeze in Washington.