Biden Proposes Pentagon Spending Increase with Industrial Base Focus

WASHINGTON — Defense Department spending would surge to $842 billion in fiscal 2024, up 3.2% over FY23, under the budget proposal released by the Biden administration Thursday.

The administration issued only limited details, but spotlighted $9.1 billion in proposed investments for the Pentagon’s Pacific Deterrence Initiative, meant to bolster U.S. force posture in the region amid increasing tensions with China. The spending plan also includes $37.7 billion for the Defense Department to continue modernizing the U.S. nuclear arsenal.