Release in July 2024, this detailed report goes over the threats against the United States as well as the strategic readiness to reply to those threats. This is the most detailed non-classified information available and is a very interesting and somewhat frightening report.

It starts out with this summary info:

The threats the United States faces are the most serious and most challenging the nation has encountered since 1945 and include the potential for near-term major war. The United States last fought a global conflict during World War II, which ended nearly 80 years ago. The nation was last prepared for such a fight during the Cold War, which ended 35 years ago. It is not prepared today.

China and Russia are major powers that seek to undermine U.S. influence. The 2022 National Defense Strategy (NDS) recognizes these nations as the top threats to the United States and declares China to be the “pacing challenge,” based on the strength of its military and economy and its intent to exert dominance regionally and globally.

The Commission finds that, in many ways, China is outpacing the United States and has largely negated the U.S. military advantage in the Western Pacific through two decades of focused military investment. Without significant change by the United States, the balance of power will continue to shift in China’s favor. China’s overall annual spending on defense is estimated at as much as $711 billion, 2 and the Chinese government in March 2024 announced an increase in annual defense spending of 7.2 percent. 

Read the rest at: (PDF)
https://www.armed-services.senate.gov/imo/media/doc/nds_commission_final_report.pdf