Thomas Donnelly and Gary Schmitt are Co-Directors of the Marilyn Ware Center for Security Studies at the American Enterprise Institute. In this conversation, Donnelly and Schmitt explain how the U.S. military has become dangerously underfunded and what we need to do to rebuild it. Donnelly and Schmitt also consider the character of the threats we face, why America must lead, and the benefits of American engagement in Europe, the Middle East, Asia, and Latin America.