The Pentagon’s annual report on Chinese military power has not yet been delivered to Congress. Possible reasons:
Bureaucratic ineptitude. It was written 8 months ago but is still being staffed/coordinated.
Political cover. It’s being held until the Vice President returns from China. Unlikely in the extreme.
Situation normal (similar to bureaucratic ineptitude). Almost no Pentagon-delivered product is on time. After all, the report was late last year as well.
Budget cover. It’s being held until the 2012 budget is done. That is, the reality of China’s military plus-ups may be inconsistent with the desire to use the U.S. military budget as a bill-payer.
Borrowing cover. It’s being held as the U.S. has an ongoing need for China to buy our debt instruments.
If I had to pick one, given Occam’s Razor, I’ll favor the “situation normal” as the most likely explanation.