Indeed. However - and I appreciate that as CS he's unable to voice an opinion - he seemed completely oblivious to the argument that 2%GDP was insufficient when compared to previous levels of budget for the threat. There's an element of institutional capture prevalent in all policy HQs that says here's the budget, deliver the capability irrespective of whether it is deliverable. If not, reduce capability rather than ask for increased budget.
Those are the big boys rules - but it can lead to a certain intellectual blindness. Much like the "there is no submarine threat" view fashionable in MB and elsewhere until relatively recently.