The Biden-Harris Administration has submitted the Fiscal Year 2024 Budget, requesting $842bn for the US Department of Defense (DoD).

The request this year is 3.2%, or $26bn, more than the fiscal year 2023 enacted level, and approximately $100bn higher than the year before.

Specific details of the DoD’s requested have not been released and are expected to be published on 13 March.

The budget seeks $9.1bn in proposed investments for the DoD’s 2024 Pacific Deterrence Initiative, demonstrating its long-term commitment to the Indo-Pacific.

In addition, the budget includes $400m to counter the Peoples Republic of China (PRC) Influence Fund and $753m for Ukraine to continue to counter Russian aggression.

It has also requested $37.7bn for the DoD to maintain a strong nuclear deterrent, and $6bn to support Ukraine, the US alliance with Nato, and European partner states.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

US Defense Secretary Lloyd J. Austin III said: “This is a strategy-informed budget, based on priorities outlined in the 2022 National Defence Strategy. The budget prioritises resources for critical investments, enabling the department to continue the implementation of the National Defence Strategy, including building the right mix of capabilities to defend against current and future threats.

“The president’s budget request provides the resources necessary to address the pacing challenge from the People’s Republic of China, address advanced and persistent threats, accelerate innovation and modernisation, and ensure operational resiliency amidst our changing climate. 

“This budget invests in taking care of our people, with the largest military pay raise in over 20 years, and the largest civilian pay raise in over 40 years, both set at 5.2%. It also provides critical resources to promote the continued strength of our alliances and partnerships while strengthening our partnerships across America, and unity within the Department of Defense.”