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Economic news

Austin recommends defense spending boost by more than $50 billion in 2026, Bloomberg News reports

01/13/2025

Less than a minute

2025.01.13 01:05

© Reuters. FILE PHOTO: U.S. Defense Secretary Lloyd Austin attends a joint press conference with Secretary of State Antony Blinken, South Korean Foreign Minister Cho Tae-yul and Defense Minister Kim Yong-hyun, at the State Department in Washington, U.S., October 31, 2024. REUTERS/Leah Millis/File Photo

(Reuters) – Outgoing U.S. Defense Secretary Lloyd Austin recommended the government boost defense spending by about $50 billion more than projected in the fiscal year 2026, Bloomberg News reported on Monday.

Austin recommended the Office of Management and Budget leave President-elect Trump’s incoming administration a proposed five-year defense plan that starts with $926.5 billion in fiscal 2026, compared with a projected $876.8 billion, according to the Bloomberg report.

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01/13/2025

Less than a minute