Biden wants $886 billion for defense as Ukraine continues and China looms

Aerojet Rocketdyne Holdings

13/03/2023 14:40

By Mike Stone
    WASHINGTON, March 13 (Reuters) - President Joe Biden's
record peacetime national defense budget request of $886 billion
boasts a 5.2% pay raise for troops and the largest research and
development budget in history, as Russian aggression in Ukraine
spurs demand for more military spending on munitions.
    Biden's request earmarks $842 billion for the Pentagon with
an additional $44 billion earmarked for defense-related programs
at the Federal Bureau of Investigation, Department of Energy and
other agencies, bringing the national security budget to $886
billion, up from $858 billion enacted last year.
    Amid Russia's invasion of Ukraine and a looming China, 
Congress has signaled it will increase defense spending over
Biden's request during the months-long budget process that this
request kicks off.
    "This topline request serves as a useful starting point,"
U.S. Senator Jack Reed, Chairman of the Senate Armed Services
Committee, said when the budget figures were unveiled on
Thursday.
    This budget will be the first to procure missiles and other
munitions with multi-year contracts, something that is routine
for planes and ships, as the Pentagon signals enduring demand to
top munitions makers like Raytheon Technologies Corp  RTX.N ,
Lockheed Martin Corp  LMT.N  and Aerojet Rocketdyne Holdings Inc
 AJRD.N .

 (Reporting by Mike Stone in Washington;Editing by Chizu
Nomiyama)
 ((mike.stone1@thomsonreuters.com; https://twitter.com/MichaelStone;))