Daily Management Review

Bloomberg: U.S. to discuss one of largest defense budgets draft


The total U.S. military budget for the fiscal year that starts on October 1 will rise to $835 billion from the current $816 billion.

Sgt. M. Benjamin Gable
Sgt. M. Benjamin Gable
This information was provided by a source who spoke to Bloomberg under the condition of anonymity because the budget has not yet been forwarded to Congress. The military budget for the upcoming fiscal year is one of the largest during peacetime, according to officials.

On March 9, U.S. President Joe Biden will propose a spending plan that allocates $145 billion for R&D and $170 billion for the acquisition of weapons. The current fiscal year's budget authorized by Congress is $8 billion less than the $170 billion procurement request. About $5 billion more than previously is requested for R&D.

The budget would ask for $13.5 billion for the acquisition, development, and improvement of fighter aircraft. The proposed budget also contains $4.3 billion, $700 million more than the Pentagon requested for this fiscal year, primarily for research and development of the new intercontinental ballistic missile from Northrop Grumman Corp.

source: bloomberg.com