Project on Defense Alternatives Briefing Memo 46, 26 January 2011.
http://www.comw.org/pda/fulltext/1101bm46.pdf

Excerpt:

* Although described as a “cut,” Gates’ offer would allow defense spending to rise steadily over the next five years.

* Although Gates says that any bigger cuts would court “catastrophe,” all the savings plans grant DoD more money in real terms during the next ten years than it had during the last ten.

* The proposals for bigger cuts would produce average Pentagon base budgets during the next ten years that are only about 5% below Reagan-era spending, adjusted for inflation.

* The Pentagon seeks future budgets that average more than 12% above the Cold War highs.