Military Leaner military, weaker military? Obama must tread tricky line. (VIDEO)

The defense strategy released Thursday faces up to budget realities, but the Obama administration will have to balance the need for cuts against Pentagon warnings about undermining security. 

Jason Reed/Reuters

As the country wrestles with a looming debt crisis as well as what the Pentagon insists are growing security threats post-9/11, President Obama rolled out a new, more "realistic" national defense strategy Thursday.