These cuts are founded on three pillars of ignorance — misunderstanding of the amount of money, misunderstanding of the effects of the spending, and misunderstanding about the extent of poverty in the world and its impact.
Walter Russell Mead blames a disconnect between the public and policy elite. When you need to cut spending as deeply as we do, I truly don't see a problem in gutting foreign aid. It won't solve the problem; but it helps a teensy bit.
(Chart via Ezra.)