According to the New York Times Secretary of Defense Chuck Hagel proposed trimming the active-duty Army personnel down to its 1940 level [1].

The Army would be reduced to 440,000 men (against 566,000 before the budgetary cuts and the present number of 490,000).

The Navy will retain its current 11 aircraft carriers, whereas a twelfth one would be needed to sustain U.S. seapower.

The Air Force will see the elimination of its entire A-10 Fleet, and it’s sole remaining U-2 Spy Plane, in favor of the F-35 program. However, there is no evidence that the aircraft will actually deliver the projected performance, or that its final cost will allow it to replace all the existing aircraft.

The Pentagon would thus be able to function on the military budget allocated for 2015, i.e. $496 billion [2]. However, since more budget cuts are expected in 2016, further reductions will be called for the following year.

[1] “Pentagon Plans to Shrink Army to Pre-World War II Level”, by Thom Shanker and Helene Cooper, The New York Times, 23 February 2014.

[2] “Pentagon budget to be cut by $100 billion in five years”, Translation Alizée Ville, Voltaire Network, 6 December 2013"