The first step is to determine why the database is so large. Though not impossible, it's extremely unlikely that it needs to be that large. There's probably some plugin inefficiently or unnecessarily storing data. If you're not sure what's going on, it may help to access phpMyAdmin, a database management tool, to see what table in the database is taking up so much space. This would help you identify if it's a specific plugin. If you don't know how, this help article explains how to access phpMyAdmin from your GoDaddy.com account.
In my experience, it's often traffic statistics data that causes this problem. I have no way of knowing if that's the case for you, but if it is, I would recommend finding another solution for stats tracking and then removing the plugin and stats table that the plugin generated. There are many solutions out there which don't store the information in the database (including a service offered by Go Daddy), so you wouldn't have to sacrifice stats tracking, just find a new way to do it.
GoDaddy.com Social Media Team