IT MIGHT succeed. That's not likely. (See below.) But if he succeeds in bringing the American military down to pre-WWII levels, Mr. Obama will have fundamentally transformed [read, essentially destroyed] yet one more basic American institution.
The ideological faction of the modern American left -- the progressives who set the agenda for their party and our nation -- intensely dislikes the military. The money could be better spent, Obamistas believe, for programs to make even more Americans dependent on the welfare state.
More likely, however, is that Republicans and vulnerable Democrats will restore some, perhaps most, of the proposed cuts. This will also help Mr. Obama and his party in several ways.