What is obama's plan regarding military budget?

Does Obama plan to make large cuts to the military budget, or does he simply plan to shift priorities?

According to his website he wants to cut systems that don't work or that don't do as much as they should to protect our troops, and invest in programs that will provide protections to the troops now and last for several years. He also doesn't want them to ever go into combat with less than the best we can provide. And their parents and spouses shouldn't have to buy them body armor to keep them safe.

Mostly he wants to examine the way the money is spent. Is it being spent wisely and are we getting our moneys worth? (no more $400 dollar hammers) Is it being spent on a system that makes sense in today's world?

Above all he wants to make sure that the soldiers themselves are taken care of. Under the Bush plan, their benefits were cut and VA hospitals were closed. For some, they were told that operations needed weren't going to be covered and that they would have to pay for them out of pocket.
You can read all of his plan here:
http://www.barackobama.com/issues/defense/