Biden signs $770 billion defense budget

The White House said Monday that President Joe Biden has signed the Fiscal Year 2022 National Defense Authorization Act, which authorizes $770 billion in defense spending.

Earlier this month, the Senate and House of Representatives voted overwhelmingly in favor of the defense bill, with strong support from both Democrats and Republicans, for the annual legislation that sets Defense Department policy.

The law is closely monitored by a wide range of industry sectors and other stakeholders, as it is one of the main pieces of legislation that becomes law each year and addresses a wide range of issues.

The National Defense Authorization Act for the fiscal year 2022 allows an increase in military spending by about five percent compared to last year, a compromise after intense negotiations between Democrats and Republicans in the House and Senate after it faltered due to differences over policy toward China and Russia.

It also includes an increase in troop wages by 2.7 percent, and the purchase of more aircraft and ships for the Navy, in addition to strategies to deal with political risks, especially with regard to Russia and China.

It also includes providing $300 million to the Ukraine Security Assistance Initiative that provides support to the Ukrainian armed forces, $4 billion to the European Defense Initiative and $150 million for security cooperation with the Baltic states.

Follow our latest local and sports news and the latest political and economic developments via Google news