Pace: ‘Significant’ risk over potential third crisis.

CNN: Joint Chiefs of Staff Chairman Gen. Peter Pace has sent a classified report to Defense Secretary Robert Gates and to Congress that says the risk is now “significant” that the U.S. military would not be able to meet its obligations if a third world crisis were to break out. Pace’s declaration has triggered a requirement under the law “for Secretary Gates to come up with what they call a ‘mitigation plan’ – once the risk is ‘significant’ the Secretary must report to Congress on what he’s doing about it.” Video HERE.

UPDATE: The AP has details:

The assessment…represents a worsening from a year ago, when that risk was rated as moderate.

The report is classified, but on Monday senior defense officials, speaking on condition on anonymity, confirmed the decline in overall military readiness. And a report that accompanied Pace’s review concluded that while the Pentagon is working to improve its warfighting abilities, it “may take several years to reduce risk to acceptable levels.”