I think I may have been a little unclear earlier.
Production would be ramped up, but new technology wouldn't be a high priority. The M1s, M2s, etc were obviously doing the job against the Soviets, and unless improvements where already in the pipeline, where's the benefit of a massive R&D expenditure? Sure, some further research would be done on captured equipment and weapon systems, but with a view to implement major, non-urgent upgrades at a later date and without the associated costs of a rushed development.
Compared to WWII, there weren't all that many new Divisions created for T2K. Most of the units already existed at least in cadre form, and the newer ones created through splitting and expansion of a handful of older units (yes, I know there are exceptions). The military as a whole basically only doubled in size, compared to the 26 fold in the period 1940-1945 (
https://www.infoplease.com/us/milita...nel-1940-20111). Production would be increased to keep the units on the front lines supplied, and as we can see in the unit histories of later units, equipped with older AFVs (M60A4, M113, etc) and if they were lucky, any surplus newer machines. This tells us production of AFVs at least couldn't have been particularly great, not unless losses were proving to be utterly devastating.
As other have mentioned, ships and aircraft are unlikely to have been produced in any significant numbers, mainly due to cost, complexity, and particularly the scarcity of necessary electronics. Focus must surely have been on maintenance and repair of those existing ships and aircraft, with perhaps mothballed machines refurbished and brought back into service.
Also bear in mind that the Pact forces were in retreat until mid July 1997. It would seem inconceivable the government would be willing to spend more than was absolutely required in those circumstances. To do so would have been political suicide come the mid term elections in 1998,
unless there was a concerted and
effective public relations effort made to convince the voters the huge increase in national debt was to save as many US lives as possible by shortening the war (and even then there's always those who'd be demanding the US simply withdrew all troops and left Europe/Middle East/Korea/Africa/etc to fend for itself).