Did Bill Clinton use the "peace dividend" to gut the military?

At Thursday's Republican debate in Florida, Rudy Giuliani said Bill Clinton had slashed the military by 30 percent as part of a post-Cold War "peace dividend:

And then, I believe there's a military aspect to it as well. I think we should increase the size of our military substantially to overcome the damage that Bill Clinton did with the peace dividend. Because when the two of you were talking about the military, what I wanted to jump in and say was, a lot of the cause of this was Bill Clinton's peace dividend, in which he cut the military 25 and 30 percent.

We've never redone or did up -- made up for that damage. We have to do that.

Politifact rates Giuliani's claim as "half-true":

Republicans are correct that military forces were reduced significantly under Clinton. The active-duty military totaled 1.8-million at the start of his presidency in 1993 and declined to 1.4-million in 2000. They are also correct that the naval fleet shrank dramatically. The Navy had 454 ships in 1993, but as vessels were retired and not replaced, the fleet was down to 341 by 2000.

But they are selectively choosing numbers that make it appear that the military cuts were Clinton’s alone. In fact, the cuts were prompted by the end of the Cold War during the presidency of President George H.W. Bush, a Republican.

During Bush's presidency, he and Congress agreed to a sharp drop in military personnel. Active-duty military declined from 2.2-million to 1.8-million. Total defense forces also shrank, from 3.3-million to 2.9-million.

Bill Clinton was responsible for reducing the size of the military. Truth or not?

What do you think?
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