The defense industry has gained traction since the beginning of this year due to the ongoing war between Russia and Ukraine. This led to increased military spending and reinvestment in NATO for the continent’s security. According to the Stockholm International Peace Research Institute (SIPRI), expenditures topped $2 trillion for the first time, with the United States accounting for nearly 40% of the total spending.
On June 22, the U.S. House of Representatives Armed Services Committee backed a proposal to increase spending for the Department of Defense by $37 billion on top of the proposed $773 billion, which indicates a Pentagon budget of at least $810 billion next year.
