The Project on Defense Alternatives has a report out, "Toward a Sustainable Defense Posture" arguing for some modest reductions in America's currently gargantuan defense budget. Specifically, they say that "Cutting two air force fighter wings and two navy fighter wings (along with their associated aircraft carriers) can save the nation more than $60 billion over the next five years." More than enough to finance America's share of a global universal education plan with plenty left over for mosquito nets or clean drinking water or whatever else you like.
UPDATE: Now with working links!
Matthew Yglesias is a former writer and editor at The Atlantic.