I'm not an economist, but I'll bite

Jeffrey Alan Miron suggests the following spending cuts; the numbers are the approximate annual savings in 2006 dollars:

• Agricultural Subsidies ($20 billion)
• Social Security for the Well-Off (Cut Social Security expenditure by introducing a modest degree of means-testing; $100 billion.)
• Medicare for the Well-Off (Raise premiums, deductibles, and co-pays in a means-tested manner to save 20% of current expenditure; $60 billion.)
• Higher Education for the Well-Off (Set a high tuition rate and offer discounts on a means-tested basis; $50 billion.)
• Pork ($70 billion)

He concludes:

Democratic economists will no doubt claim these cuts are politically unlikely. That is correct. But that is precisely why Democratic economists, and all other economists, should use their blogs, and their op-eds to highlight the enormous scope for welfare-enhancing cuts in government expenditure.

It's not just the Democrats. The Republicans love pork, too, and I'm guessing farm state Republicans like the ag. subsidies, so I think this is all a pipe dream.
And by the way, higher ed. is more a state thing than a national one, although many states, including Illinois, are spending less and less on that; student tuition and charitable contributions make up the bulk of our funding. It's not that I'm opposed to means-testing, but this item really doesn't belong on this list.