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