Benjamin Friedman hopes so:
The Pentagon's boosters are right that big cuts will limit military capabilities. But that would actually be a good thing for the United States. Shrinking the U.S. military would not only save a fortune but also encourage policymakers to employ the armed services less promiscuously, keeping American troops — and the country at large — out of needless trouble.
Joshua Goldstein and Michael Cohen feel similarly. Andrew Exum dissented from this view a couple of months ago. Spencer Ackerman bets that proposed cuts won't happen:
Don’t believe the poverty story that the service chiefs brought to the House Armed Services Committee on Wednesday morning…The so-called “sequestration” process that the chiefs fear, whereby automatic congressional cuts decimate the Pentagon budget — in Defense Secretary Leon Panetta’s memorable phrase, “this goofy meataxe scenario” — is way less automatic than advertised. Even if the military’s nightmare comes to pass, there are lots of ways the Pentagon can still save its bloated budget, much like the kids on Elm Street always stave off Freddy Krueger.
The Dish 