RTX - Biden's budget seeks to expand defense spending to $842B

2023-03-09 15:27:01 ET

Spending by the U.S. Department of Defense would rise 3.2% to $842 billion in fiscal 2024, according to the Biden administration's proposed budget released on Thursday.

The total includes $9.1 billion for the Pacific Deterrence Initiative that aims to strengthen U.S. forces in the region amid geopolitical tensions with China.

"The budget provides over $6 billion to support Ukraine, the United States’ strong alliance with the North Atlantic Treaty Organization (NATO), and other European partner states," the text reads.

The proposed budget also sets aside $37.7 billion for the Pentagon to keep modernizing the country's nuclear arsenal.

Servicemembers and the Pentagon's civilian workforce will receive a pay raise of 5.2%, an amount the White House describes as "the largest in decades," along with rate increases for housing and subsistence. The most recent Consumer Price Index showed an inflation rate of 6.4%.

Defense officials will offer more details of the proposed budget on Monday.

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