Panetta, Obama to unveil defense strategy review at Pentagon

President Obama will deliver remarks at the Pentagon on Thursday unveiling the Defense Strategic Review, the White House announced.

Obama will be joined by Defense Secretary Leon Panetta, who has led the review process, and Chairman of the Joint Chiefs of Staff Martin E. Dempsey.

The review is intended to guide the Pentagon's strategic planning in the coming years as the military faces billions in budget cuts.

The Pentagon faces a possible $1 trillion in cuts. $450 billion in cuts over the next decade were agreed to in the August deal between Congress and the White House raising the debt-ceiling limit. Additionally, the failure of the deficit-reduction supercommittee triggered $500 billion in automatic cuts, though Republican lawmakers have pledged to block the sequestration.

The New York Times reports that Panetta's plan will call for the military to shrink to 490,000 soldiers but will preserve the size of the Navy's aircraft carrier force. Reports say the strategy review will abandon the U.S. military's goal of being able to fight two major wars at the same time.

The Hill first reported in late November that Pentagon officials would give lawmakers and the press a sneak peek at the military’s 2013 budget plan.