The U.S. Economy is already in dire straights. We should look to stabilizing our own infrastructure and pull out of situations in which we commit ourselves beyond our means. Extending our resources to aid other countries is irresponsible when we can't even provide health care and education to our own citizens.
No, I do not believe that the US should cut military to Egypt. If the aid is already in place, then it should remain so. If there are issues then it could be suspended until the conflicts have been resolved, but just stopping would cause more harm than good at this point.