Monitoring Desk
WASHINGTON: The United States (US) President Joe Biden’s record peacetime national defense budget request of $886 billion boasts a 5.2 percent pay raise for troops and the most extensive research and development budget in history, as Russian aggression in Ukraine increases demand for more military spending on munitions.
Joe Biden’s request earmarks $842 billion for the Pentagon and an additional $44 billion for defense-related programs at the Federal Bureau of Investigation (FBI), Department of Energy, and other departments, bringing the national security budget to $886 billion, increased from $858 billion enacted last year.
Biden’s request for increasing defence spending
Amid the Russian invasion of Ukraine and a looming China, the US Congress has signaled it will increase defense spending over Joe Biden’s request during the months-long budget process that this request starts.
“This topline request serves as a meaningful starting point,” US Senator Jack Reed, Chairman of the Senate Armed Services Committee, said when the budget figures were revealed on Thursday.
This budget will be the first to purchase missiles and other munitions with several-year contracts, something that is routine for ships and planes, as the Pentagon signals enduring demand to top ammunitions makers like Lockheed Martin Corp (LMT.N), Raytheon Technologies Corp (RTX.N), and Aerojet Rocketdyne Holdings Inc (AJRD.N).
