US President Joe Biden is expected to ask Congress to approve a defense budget of more than $770 billion for the next fiscal year as the Pentagon seeks to modernize the military.
Several sources said Reuters Which would go beyond former President Donald Trump’s record budget proposals.
Ongoing budget talks between Defense Secretary Lloyd Austin and the White House Office of Management and Budget (OMB) relate to a defense proposal of more than $770 billion for fiscal year 2023 beginning October 1. Reuters added that negotiations are underway within the government and the final amount may change before submitting the budget proposal in the coming months.
Key items in the defense budget include Pentagon spending on salaries, tanks, and the F-35 stealth aircraft manufactured by Lockheed Martin, as well as resources from the US Department of Energy’s nuclear weapons programs and other defense-related activities of the agencies.
Other key priorities in the budget include shipbuilding, space capabilities development, modernization of the missile and “Triassic” signaling system for submarines, launchers and land launchers capable of launching ballistic missiles.
Lockheed, Northrop Grumman and General Dynamics will benefit from the largest slice of the defense budget.
A source told Reuters that the modernization of armaments and research and development in this direction are necessary to maintain the military advantage over China and Russia.
Trump’s proposed defense budget for his last term was $752.9 billion, which Congress raised by $25 billion to $778 billion for fiscal year 2022. Congress is expected to once again raise the amount the president has appropriated for the defense budget.