According to the Stockholm International Peace Research Institute (SIPRI), global military spending topped $2 trillion for the first time. Last year was the seventh consecutive year that spending rose. The United States accounts for nearly 40% of global military spending.
Moreover, as the Russia-Ukraine war rages on, the U.S. House of Representatives Armed Services Committee on Wednesday supported 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.
