Reflecting Netanyahu's stated disappointment that Arab citizens of Israel are allowed to vote and worried about the Arab population growth in Israel, the Likud-led government bans all non-Jews from participating in electoral activities (voting and holding office).
They would never do such a thing, at least in those terms. The Druze for instance serve in the IDF, and one is now a Likud MP, Ayub Kara who is probably to the right of Netanyahu himself. More likely this would be couched in terms of limiting the franchise to those who serve either in the IDF or community service. As Arabs are free to do either if they choose, there would be enough cover for it to slide with Congress. If Obama were President he might suspend aid, but I doubt a Republican President would, or even a Hillary Clinton.