Pentagon to Execute Record $170 Billion in Arms Purchases

The U.S. defense budget for the 2024 fiscal year (beginning October 1, 2023) will total $842 billion and include a historic allocation of $170 billion for arms procurement, both figures being record-highs, according to the Pentagon's website.

"The 2024 fiscal year budget request again includes a record $145 billion investment in research and development, testing, and evaluation. The budget proposal also includes $170 billion for procurement funding, the largest amount in history," the statement noted.

Overall, the defense budget has increased by $26 billion compared to 2023 and by $100 billion compared to 2022. The Pentagon has indicated that the budget increase is driven by the growing threat from China, which is Washington's "primary concern."