Today, the President stated that “getting control of spending” is too general and challenged the Tea Party to come up with specific places to cut spending.

If so, then I accept! I will list a few that may not be mentioned as much by others.

Social Security
Step 1: gradually raise the retirement age to 70.
Step 2: reform Social Security to allow investment in higher-yielding securities (currently, Social Security can only invest in Treasuries which, at time of this writing, was yielding 2.7% for 10 years).
Step 3: provide an opt-out for those who are absolutely sure they won’t need the benefits in the future.

A lot of people in Louisiana are going to be upset with me here, but end subsidies targeted to specific industries. According to Jim Rogers in his book Adventure Capitalist, instead of continuing the subsidies to sugar farmers, it would be cheaper to give every sugar farmer $1 million and a sports car if they promise to never again farm sugar.
Executive Departments
Lots of conservatives will say “Cut the Education Department.” Yeah, that’s a popular one, but here’s one that may upset some conservatives: Department of Defense. I think the first step should be to make sure the Defense Department actually passes a financial audit.
In addition, review all bureaus and agencies to see what can be eliminated or consolidated due to duplicated or outdated directives.
AIDS funding
AIDS is nearly 100% preventable. Cancer, heart disease, Parkinson’s, etc. are not as preventable. In fact, the government should be promoting the science (ie making the R&D tax credit permanent), not funding it. The private sector can do a better job of finding a cure with a profit motive than the government can.