The Military Budget
Bush's $481.4 billion Pentagon budget is 20% of the total budget. Over at Slate, Fred Kaplan points out that the number is a sham and that the actual requested military budget is $739 billion.
Kaplan also points out that this money, including money for a new aircraft carrier (we already have the biggest and best carrier fleet and we're the only nation with carriers that's talking about building another one) is made possible by China investing its huge currency reserves in our debt.
A few years ago a currency analyst told me something interesting, though I dismissed it at the time. Aside from some market fluctuations, he said, the value of the dollar against other currencies is really just a reflection of the US military. I guess that's what Bush is trying to do -- he's trying to over-militarize in an attempt to make up for our country's economic shortcomings.