Is this limited to procurement and other tangibles, or are we going to see massive cuts in flight hours as well?
Which would YOU prefer?
I'd guess that the first thing you'll see cut are what a business would call "variable costs." Flight hours, parts,TAD, Servmart budgets, on to buying fewer copies of whatever we were getting anyway.
Once the "easy" cuts are made in the "fat," which isn't really fat, but anyway, they'll have to make cuts in the fixed costs. Cut bases, people, entire programs. As one example, rather than make a lot of small cuts in many programs, the USAF wants to mothball ALL the B-1s. That gets rid of a lot of logistics and facility requirements that wouldn't happen if they just spread the pain equally.
My personal opinion is that we're better off slashing entire programs, bases, and yes, even total numbers of personnel. That's where the real savings are. Besides, we're better off having a smaller number of well trained and equipped warriors than a huge ill-trained, hollow force.