LIVE: DoD announcement at 10:50 a.m.

Thursday - 1/5/2012, 11:00am EST

President Barack Obama, Defense Secretary Leon Panetta, and General Martin Dempsey, chairman of the Joint Chiefs of Staff, unveil their strategy for a slimmed-down DoD today.

Watch the press conference live beginning at 10:50 a.m. via the player below. (Player won't be active until that time.)

You can also listen to the press conference via this Federal News Radio audio link.

Watch live on the Pentagon Channel.

PREVIEW

WASHINGTON (AP) - President Barack Obama is putting his personal stamp on a rejiggered Pentagon strategy for absorbing hundreds of billions of dollars in defense budget cuts, marking a turning point in U.S. security policy after a decade of war.

Obama planned to make a rare appearance in the Pentagon press briefing room Thursday to announce results of a strategy review that he ordered last spring. The aim was twofold: Streamline the military in an era of tighter budgets and reassess defense priorities in light of China's rise and other global changes.

Obama's decision to announce the results himself underscores the political dimension of Washington's debate over defense savings. The administration says smaller Pentagon budgets are a must but will not come at the cost of sapping the strength of a military in transition, even as it gets smaller.

In a presidential election year, the strategy gives Obama a rhetorical tool to defend his Pentagon budget-cutting choices. Republican contenders for the White House already have criticized Obama on a wide range of national security issues, including missile defense, Iran and planned reductions in ground forces.

Obama also wants the new strategy to represent a pivot point in his stewardship of defense policy, which has been burdened throughout his presidency by the wars he inherited and their drag on resources.

The revamped strategy, to be outlined at a news conference also attended by Defense Secretary Leon Panetta and the Joint Chiefs chairman, Army Gen. Martin Dempsey, is not expected to radically alter defense priorities. It may set the stage, however, for expected cutbacks in Europe and big weapons programs.

It also will move the U.S. further from its longstanding goal of being able to successfully fight two major regional wars _ like the 1991 Gulf War to evict Iraqi forces from Kuwait or a prospective ground war in Korea _ at the same time. This takes into account a bigger focus on immediate threats like cyber warfare and terrorism.

The administration and Congress already are trimming defense spending to reflect the closeout of the Iraq war and the drawdown in Afghanistan. The massive $662 billion defense budget planned for next year is $27 billion less than Obama wanted and $43 billion less than Congress gave the Pentagon this year.

White House spokesman Tommy Vietor said Wednesday that Obama was closely involved in the defense strategy review, meeting six times since September with top defense officials, including Panetta and Dempsey. Vietor said the review established priorities to ensure that defense spending cuts are "surgical."

As for Obama's decision to make a personal appearance at the Pentagon, Vietor said, "It's a sign of how personally engaged he is in this process and the level of importance he puts in shaping our priorities for the next decade."

Factors guiding the Obama administration's approach to reducing the defense budget are not limited to war-fighting strategy. They also include judgments about how to contain the growing cost of military health care, pay and retirement benefits. The administration is expected to form a commission to study the issue of retirement benefits, possibly led by a prominent retired military officer.

The administration is in the final stages of deciding specific cuts in the 2013 budget, which Obama will submit to Congress next month. The strategy to be announced by Panetta and Dempsey is meant to accommodate about $489 billion in defense cuts over the coming 10 years, as called for in a budget deal with Congress last summer. An additional $500 billion in cuts may be required starting in January 2013.

A prominent theme of the Pentagon's new strategy is expected to be what Panetta has called a renewed commitment to security in the Asia-Pacific region.

On a trip to Asia last fall, Panetta made clear that the region will be central to American security strategy.

"Today we are at a turning point after a decade of war," Panetta said in Japan. Al-Qaida is among a range of concerns that will keep the military busy, but as a traditional Pacific power the United States needs to build a wider and deeper network of alliances and partnerships in that region, he said.