US eyes increasing defense spending by $26B

The US administration intends to increase defense spending by $26 billion to $842 billion in fiscal 2024, Report informs referring to the draft US federal budget for the next fiscal year, published by the White House.

According to the document, it is proposed to allocate $842 billion for defense needs in fiscal year 2024. This is $26 billion, or 3.2% more than in 2023, the draft budget states.

The document also includes the allocation of $37.7 billion for the modernization of the nuclear arsenal.

“The Budget provides $37.7 billion for DOD to maintain a strong nuclear deterrent as a foundational aspect of integrated deterrence for the security of the Nation and US allies,” the document says.