As the Obama administration finalizes its first defense budget, analysts say near-term growth will be followed by lean spending amid the worst economic crisis since the Great Depression.

An undervalued Chinese yuan remains a contributing factor to the U.S.-China trade imbalance, but experts warn that labeling China a "currency manipulator" will not rein in mounting U.S. deficits.

President-elect Barack Obama made many promises on defense spending and strategy during his two-year run for the White House. But analysts say economic constraints and political pressure could make i…