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WASHINGTON, March 24 (RHC) The United States government will increase its budget for military spending and national security by more than $30 billion in the fiscal year 2023 plan, officials familiar with the matter are expecting on Thursday.
According to The Hill newspaper, President Joe Biden will ask Congress next Monday for $813.3 billion to be allocated to these issues in the coming fiscal year.
The proposal would represent an increase of $31 billion, or four percent of the fiscal year’s approved spending and about $43 billion more than the Treasury Department forecast for the period.
Of that, $773 billion would go to the Pentagon, the newspaper reported.
The overall national security budget includes spending for the Department of Defense, the Department of Energy’s nuclear weapons and the FBI’s national security functions, according to a Bloomberg report.
The unnamed source confirmed to The Hill that the president’s budget request would be “one of the largest national security investments in American history.”
He said the funds would support “continued security assistance to Ukraine” and also “will be invested in strengthening our defenses, IndoPacific security and the NATO alliance.”
Biden requested $753 billion in global defense and national security spending for fiscal 2022, but that was eventually increased to $782 billion.
At least 40 Republicans from the House and Senate Armed Services Committees wrote a letter to the President yesterday.
In the letter, they suggested Biden increase the national defense budget by 5 percent above inflation, citing the Ukraine conflict and other threats they saw.
The United States ranks first in the world for military spending.
The federal government’s financial year begins on October 1st and runs until September 30th of the following year. (source: Latin Press).