President Obama and Defense Secretary Leon Panetta spoke to reporters at the Pentagon about U.S. military strategy in the 21st century. The new military strategy included $487 billion in cuts over the next decade. President Obama said that the cuts would come from planned spending increases and that the U.S. would maintain a budget that is roughly larger than the next 10 countries' military budgets combined. This was the first time a sitting president had appeared in the Pentagon briefing room.