If there are “devastating cuts” to the federal budget, it will be because the administration wants to make those cuts, not because of higher defense spending.
Let’s be real. The Obama projections for FY 2018 have the government spending $4.3 trillion. (A trillion = 1000 billion.) $54 billion is 1.25% of that.
I presume that the budget “cuts” mean reducing proposed spending, not necessarily cutting from current levels. But be that as it may, a $54 billion cut in overall spending would barely be noticeable.
As for Social Security: It is “off budget” because it is funded through a separate payroll tax. It need not be considered when looking at the federal budget.