President Joe Biden unveiled his fiscal 2024 budget, which includes $842 billion for the Department of Defense and another roughly $44 billion for non-Pentagon defense spending, totaling roughly $886 billion, with Pentagon officials breaking down the details on Monday.
The request for Pentagon spending is a $26 billion increase from the $816 billion that was enacted in the 2023 budget, while this most recent request is slightly less than $100 billion more than the enacted 2022 defense budget.The budget includes a record investment of $145 billion in research, development, test, and evaluation and another $170 billion for procurement, which is also the largest in history. It also includes $61.
"To sustain our military advantage over China, it makes major investments in integrated air and missile defenses and operational energy efficiency, as well as in our air dominance, our maritime dominance, and in munitions, including hypersonics," Defense Secretary Lloyd Austin said in a statement.
The budget also seeks to have Congress fund for the first time multiyear investments in critical munitions — the extended-range Joint Air-To-Surface Standoff Missile, or the JASSM-ER; the Long Range Anti-Ship Missile, or LRASM; the Naval Strike Missile; the Advanced Medium Range Air-to-Air Missile, AMRAAM; and the anti-ship-capable SM-6 missile — which have been depleted due to the administration's continued assistance to Ukraine as it fends of Russian aggression.
The budget would also include what amounts to the largest pay raise for service members in more than two decades, increasing their pay by 5.2% next year. It would be the largest increase since 2002.
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