I think that the Space Program has helped in ways people never imagined - it leads to innovation and better ways of doing things on earth. I would rather spend money on the Space program than welfare to people who refuse to work, or healthcare for illegal aliens. At least the Space Program contributes to life in general.
But with that said, I think almost all government programs need to cut back right now - and sorry to say that would include space. If every program were cut by 1/4 we'd be in good shape. But it would only make a difference if all the other spending was cut as well.
It makes no sense to cut NASA"s budget and then turn around and give special interests more - or keep providing illegal aliens with helathcare and education - or dish out funds to make yourself an airport so you don't have to be so put out when you fly to Washington to represent your "people".
Edit to say: I think some of you are missing the actual point of NASA. Yeah, sure everyone wants to think about colonization and rocket ships (how exciting), but the more important thing going on over there is the the advancement of basic physics.
Do you or don't you want to understand the universe that completely surrounds you? Do you or don't you want to know which laws are right and which laws are not? Do you or don't you want to understand WHY Einstein's theories of relativity were both wrong and right at the same time?
Do you care that time slows down in certain situations? Do you care that quantum physics is borderline surreal? If not - well then I can see your view that the Space Program is obsolete and unnecessary.
But from a scientific point of view - the ONLY way to really take our understanding of the physical world to the next level is to go where we know nothing and can learn the most- and that is space.