Though the Pentagon plans to make $600 billion in cuts over the same period, Chinese and Russian spending increases don't mean the end of U.S. dominance.
America still spends much, much more than anyone, with $711 billion in military expenditures last year, compared to $143 billion in China and $72 billion in Russia.
The gap is big enough that other countries are the ones panicking.
Charles Clover of the Financial Times reports:
(President Vladimir Putin) singled out the US ballistic missile shield programme, as well as the possibility of further Nato expansion and the attempts to militarise the Arctic, as key geopolitical threats that Russia needed to respond to.