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Do you mean cut military expenses by 50% or personnel/bases/equipment etc?
For the sake of this question, let's assume a 50% reduction in both
I think a drastic reduction in personnel/bases/equipment if it was done too quickly could be very destabilizing. While I don't like America policing the world, that is the current state of affairs and changing that abruptly could be dangerous.
Cutting expenses by 50% would also be a big change and likely affect some personnel/bases/equipment but also likely cut out a lot of waste and grift. I am not sure you could do it without affecting veterans benefits though which will be immensely politically unpopular.
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