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Im going to say couple of quick words before turning things over to travis to highlight his report and field your questions. Two things i want to mention. First, this is an important event here for us at csba. Defense corps analysis is something we have done for decades, uniquely well, and travis, the author of this report, is the latest in a long line of very talented Defense Budget analysts who have spearheaded these efforts for us over the years. I think it is important to note the Defense Budget analysis we do here is not just about dissecting Defense Budgets, not just about going line by line to understand precisely what is in the budget, but assessing and analyzing budgets whether budgets match strategy or they dont. Right now, we have an interesting situation where 18 months ago the department of defense released its National Defense strategy which called for a significant reorientation on the part of dod. Focused on highend conventional warfare against great power competitors i

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