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Is the U.S. defense budget in 2024 nearing $1 trillion per year? [1]
['Tom Kertscher', 'Wisconsin Watch', 'More Tom Kertscher', 'Fact Checker']
Date: 2024-01-29 18:51:14+00:00
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Yes.
Annual federal spending on defense is trending toward $1 trillion.
Defense spending is authorized at up to $886 billion for fiscal 2024, which runs Oct. 1, 2023, through Sept. 30, 2024.
The cap rises to $895 billion for fiscal 2025.
The 2024 figure does not include other potential defense spending.
In October, President Joe Biden asked Congress to approve a $105 billion package that would support two countries in their wars. The bill includes $61 billion in military and economic assistance for Ukraine and $14 billion in military aid for Israel. Congressional leaders on Jan. 17 expressed optimism about reaching agreement on the package.
The U.S. spent 3.46% of its gross national product on defense in 2022. The U.S. was one of seven of NATO’s 30 member countries that met a NATO pledge to spend at least 2% of their gross domestic product on defense.
This Fact Brief is responsive to conversations such as this one.
Sources
Congressional Research Service: Discretionary Spending Caps in the Fiscal Responsibility Act of 2023
New York Times: Biden Requests $105 Billion Aid Package for Israel, Ukraine and Other Crises
CNBC: ‘We have some consensus’: Speaker Johnson, Sen. Schumer exit Biden meeting on Ukraine aid with optimism
NATO: The Secretary General’s Annual Report 2022
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