Well, at least Obama's divided on this one: further moon missions sponsored by the United States or leaving up to private industry to pursue. I think for the government to abandon the program fully, at this time, is a mistake, however. Just think of the number of businesses that supply the space program and employee thousands of people. Here are just a few of the advances brought about by space exploration:
Cordless power tools
Laser heart surgery
LEDs (light emitting diodes)
Advances would still happen in the private sector, but at a much slower rate...well, knowing how governmental agencies work, maybe not.
China is advancing at a rapid rate and will surpass U.S. in space exploration & moon colonization efforts. Once they get there, the moon will be theirs, not ours. That would spell disaster for the rest of the world. It's not too farfetched to imagine China claiming it as their own. Although it might be a good idea to send some of their over-population there.