Ackerman says "defense analysts are itching to hear how Panetta will adjust U.S. defense strategy to make the impending budget cuts make sense":
It’s too glib to say Panetta’s test as defense chief will be to execute Obama’s desired 12-year, $400 billion budget cut. Panetta will take over the Pentagon from Robert Gates at a time when not only is the budget out of whack, but so is U.S. defense strategy. The U.S. is fighting three wars at once, all of which have a debatable relationship to the national interest. His real test is how he can craft a smaller budget that supports a more sustainable strategy — one that cuts back on ground wars and personnel costs and emphasizes maritime, air and cyber dominance.
The Economist puts our defense spending in context.
The Dish 