FACT BRIEFIn 2024, is the U.S. defense budget nearing $1 trillion per year?
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
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