In 2011 alone, the Unites States gave away $49.5 Billion in foreign aid. On the same year, our congress finally came up with a plan to reduce the deficit by cutting $109 Billion each year starting March 1st 2013. A plan that came to be known as the "sequester". The planned cuts however, will affect all domestic programs without taking into account any consequences.
I suggest to start with eleminating all Foreign Aid, which in turn will reduce any domestic cuts to almost half.