Citing officials familiar with the plan, Bloomberg reported that President Joe Biden would request $813.3 billion in national security spending, including $773 billion for the Pentagon, in the federal budget he will send to Congress on Monday.
It's an increase of $31 billion, or 4%, from approved spending for the current fiscal year and about $43 billion more than the White House budget office had projected a year ago for fiscal 2023.
A White House official said it marked one of the biggest national security investments in American history to strengthen U.S. allies in Europe and the Indo-Pacific and provide assistance to Ukraine.
The budget reflects the increasing military challenge from China and the development of new defense systems.
It was completed with an expectation that Russia would invade Ukraine, and some defense spending was shifted accordingly.
The support in Congress is likely due to the added challenge of confronting Russia.
The request will include $130.1 billion for R&D, the Pentagon's largest-ever request. That's about $15.6 billion more than the budget office had projected last year.
The administration requested $145.9 billion for procurement.
Among items on the to-buy list are 61 F-35 jet fighters from Lockheed Martin Corporation (NYSE:LMT) and the initial procurement of the B-21 bomber from Northrop Grumman Corporation (NYSE:NOC), and two Virginia-class submarines from General Dynamics Corporation (NYSE:GD) and Huntington Ingalls Industries Inc (NYSE:HII).
The budget request will also call for $548 million in improvements to the nuclear submarine industrial base.
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