The Pentagon budget in fiscal year 2024 should be $842 billion according to budget projectpresented by US President Joe Biden. This is $26 billion, or 3.2%, more than the 2023 budget and a record amount for US military spending.
According to the draft budget, the administration wants $9.1 billion for Pentagon initiatives in the Pacific aimed at curbing China’s influence and expansion. In addition, $37.7 billion should be spent on modernizing the US nuclear arsenal.
The presidential administration also intends to spend $6 billion to help Ukraine and NATO allies. At the same time, the government wants to allocate $753 million to “counter the influence” of Russia in Ukraine, and $400 million to contain China.
“This draft budget demonstrates our commitment to facing global challenges and keeping America safe,” Mr. Biden wrote in an accompanying message to Congress. “It highlights critical investments to surpass China in global competition and continue to support Ukraine in the face of unprovoked Russian aggression.”
The discussion of the draft budget for the next fiscal year, which will begin on October 1, 2023, will traditionally take several months. The US Department of Defense will start discussing the proposed budget on Monday.
For more information on how the US military budget was prepared, see the publication “Kommersant” “The Pentagon takes it higher.”
