For context, per the Center for Strategic and Budgetary Assessments, the Obama fiscal year 2017 budget calls for $590 billion in Defense spending, including $58.8 billion for overseas contingency operations or war-fighting. Adjusting for inflation, the overall defense budget is down 25 percent from the peak in fiscal year 2010, at the height of the wars in Iraq and Afghanistan. It's still about 12 percent higher in real terms than the average during the Reagan administration. (Excluding overseas contingency operations, the base defense budget is down about 11 percent from 2010, and roughly equal to spending during the Reagan years.)
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