Glenn Reynolds, Michelle Malkin, and N. Z. Bear have an excellent idea
Here's how I propose to save $63,815,000,000 $63,819,300,000*

I'd like to have the USA cut its subsidy to the UN by $500 million per year. There is precedent for this: in 1993, President Clinton reduced the USA's contribution to the UN budget from 25% to 20% of the UN budget. Additionally, I propose reducing the USA's contribution to other UN projects, such as the Food and Agriculture Organization and the World Health Organization, by $100 million, say, by roughly 25%.
Then cancel the proposed $1.2 billion loan for the UN refurbishing and new building project in Manhattan.

Yes, there'd be an international outcry. Isn't there one already?

For additional savings, I refer you to this proposal

Cato Institute scholars Steve Slivinski and Chris Edwards have the offsets that the majority leader is looking for. They have compiled $62 billion in spending cuts that would offset Katrina relief in the short-term and create savings to reduce the federal deficit over the long-term.

Here's how they'd save $62,000,000,000:

Proposed Budget Cuts to Offset Katrina Spending
Annual savings in billions
Program	Savings	Rationale
Farm subsidies: cut in half	$10.6	Wasteful and have negative environmental and trade effects
NASA: cut in half	$7.9	NASA is obsolete with the arrival of private manned space flight
Energy research and subsidies	$6.2	Private sector responsibility
Subsidies to airports	$5.8	Airports should be privatized as in dozens of major foreign cities
Community development grants	$5.4	Projects such as parking lots and sidewalks are a local responsibility
USAID (foreign aid)	$4.7	Duplicates Bush Millennium Challenge Corporation foreign aid agency
Army Corps of Engineers	$4.6	Civilian activities should be privatized or devolved to the states
Homeland security grants	$4.2	Homeland security grants to states have been mired in scandal
Foreign economic aid	$2.7	Foreign economic aid does not work
Rural subsidies	$2.5	Wasteful and unfair to urban taxpayers
Bureau of Indian Affairs	$2.4	BIA is scandal-plagued. Tribes earn $19 billion annually from gambling
Davis-Bacon Act: repeal	$2.0	Repeal Davis-Bacon and the Service Contract Act to cut federal costs
Air traffic control	$1.6	"Privatize air traffic control as in Canada and Britain"
Trade adjustment assistance	$1.0	Unneeded giveaway that is in addition to unemployment insurance
Amtrak	$0.4	Privatize the rail system
Total	$62
Source: Chris Edwards and Stephen Slivinski, Cato Institute, based on Budget of the U.S. Government, FY2006.

Additionally, maybe the US should reconsider foreign aid status to nations with space programs, for instance, China and Russia (if they can afford a space program, they should be able to afford more mundane things), but I leave that open for now.

As far as NJ goes, I guarantee you Mr. Snitch! is right when he says, "Don't expect financial heroics from Jersey". A good start would be to stop replenishing the eroding beaches, and stopping the flood insurance to shorefront homes. A visitor to the NZ Bear site estimates a $15,000,000/yr savings on the beach program alone.

Add it all up, it comes to $63,815,000,000.

*Update Make that $63,819,300,000

$335,000 for cranberry/blueberry disease and breeding in New Jersey. According to USDA testimony, "the estimated completion date for the original objectives was 1995. Those objectives have not been met." USDA ironically added, "The last agency evaluation of this project occurred in April 2004. The evaluation concluded that the effort has been highly productive…." Since 1985, $4.3 million has been spent on this research.

Enough spent on cranberries.

(technorati tag porkbusters)