The Pentagon has given President Barack Obama a draft of its strategic budget review, one of the final steps before the Defense Department releases the results, according to an administration official who was not authorized to speak on the record.

The Pentagon is seeking to trim about $450 billion in spending over 10 years to meet deficit reduction targets as a result of the Budget Control Act, which Obama signed Aug. 2.

When asked about the timetable, Defense Secretary Leon Panetta’s spokesman said the Pentagon chief “directed a methodical, strategy-driven review of the defense budget to determine where we can find savings of more than $450 billion over ten years.”