Obama renews pledge to invest in military

The Pentagon would also put a greater emphasis on transparency and accountability in government contracting.

"They will create the transparency and accountability needed for good governance, and establish the legal status of contractor personnel, making possible prosecution of any abuses committed by private military contractors," the website said.

Finally, the administration said it would seek to reform defense contracting by ending no-bid contracts, hiring more contract officers and improving oversight of wartime spending.

"The Obama-Biden Administration will realize savings by reducing the corruption and cost overruns that have become all too routine in defense contracting," it said. "They will order the Justice Department to prioritize prosecutions that will punish and deter fraud, waste and abuse."

(Reporting by Andrea Shalal-Esa; Editing by Andre Grenon)