As of 2005, direct U.S. economic and military assistance to Israel amounted to nearly 154 billion, a policy that has served to cause a widening rift between the Arab population and the United States
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and just think this is only one leaching country sucking our lifeblood
if we cut the $$$ to all the leaching countrys just think of the $$ we would save. 
I said it many times before and I'll say it again: As an Israeli I am FOR cutting back the military aid.
The US is not doing Israel any favors. Its main goal is to protect its military industries - actually aiding friends and having diplomatic means of pressure are just by products. The US military is not a big enough market to support this big industry and especially expensive R&D against an enemy that doesn't exist (you don't need a new fighter to fight terrorists) is not economically viable. If the US goverment would tell the american public that it plans to subsidize military industry and just pour money into it (making a few people very rich) there would be a huge outrage. However, if you pour money into your own industry, produce things you do not need and give them away you can keep the public content and pleased with itself (who doesn't like to fee like a philanthropist?). In practice you give away a product which its actual manufacturing cost is a tiny part of its market value (most is R&D).
At the same time, the countries receiving the aid will have a hard time developing technology of their own since it is much cheaper to just buy it with the "aid" coupons. Even if they do, the actual paying market will be flooded with cheaper, mass produced american equipment. This way the US is shielding its industries from competition.
And finally, the aid is used as a whip against countries hooked on it to defend non-military industries or other American interests. Example: I think it was two years ago that the US goverment forced EL-AL, the Israeli national airline to buy Boeing instead of Airbus (after it was decided to buy Airbus) which has nothing to do with the military or aid, but the US threatened not to sell several things Israel was interested in.
There's a lot more to it, but I'll stop here.
So, yes the aid to Israel should be cut back, but if you think that your country is doing anyone a favor with the military aid you are fooling yourself - and more importantly, your government is fooling you.