Anastasia Gorbacheva18:40, 13.03.23
It is noted that this will be the largest US defense budget in peacetime.
US President Joe Biden has requested a record $886 billion for national defense in peacetime. This amount is due to the war in Ukraine and the threat from China.
“Biden’s request for $842 billion for the Pentagon, with an additional $44 billion earmarked for defense-related programs at the Federal Bureau of Investigation, Department of Energy and other agencies, bringing the national security budget to $886 billion, up from $858 billion adopted last year,” Reuters writes .
Amid Russia’s invasion of Ukraine and the threat from China, Congress signaled it would increase defense spending beyond Biden’s request during a months-long budget process.
It is noted that this budget will be the first to purchase missiles and other ammunition under multi-year contracts, which is a common thing for aircraft and ships. The Pentagon has signaled continued demand from top munitions makers like Raytheon Technologies Corp, Lockheed Martin Corp and Aerojet Rocketdyne Holdings Inc.
Also, the money will go towards a 5.2% pay increase for military personnel, as well as weapons research and development due to the war in Ukraine, which is spurring an increase in military spending.