Washington (CNN) The Trump administration's new National Defense Strategy is insufficiently resourced and the US runs the risk of a military defeat by China or Russia, according to a report by a congressionally mandated panel of bipartisan experts that was released Wednesday.

The warning comes as the Trump administration is weighing a possible cut to the defense budget following a major boost in fiscal years 2018 and 2019.

While the report applauds the administration for focusing more on Russia and China as opposed to counterterrorism missions in places like the Middle East, it slams the administration's strategy for not explaining how the goals of that strategy will be met.

"The (National Defense Strategy) too often rests on questionable assumptions and weak analysis, and it leaves unanswered critical questions regarding how the United States will meet the challenges of a more dangerous world," the report says, criticizing the lack of investment and organizational changes to reinforce the new strategy.

"The Commission assesses unequivocally that the NDS is not adequately resourced," the report says, while adding that "available resources are clearly insufficient to fulfill the strategy's ambitious goals, including that of ensuring that DOD can defeat a major power adversary while deterring other enemies simultaneously."

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