Lloyd Austin Proposes $50 Billion Increase in Defense Spending for Fiscal Year 2026, Targeting Over $1 Trillion Budget

Jan 13, 2025, 06:30 AM

Outgoing Defense Secretary Lloyd Austin has recommended that the U.S. government increase defense spending by approximately $50 billion more than previously projected for fiscal year 2026. This proposal would push the total Department of Defense budget to over $1 trillion. The recommendation was revealed in a document reviewed by Bloomberg News and aims to enhance investments in various sectors, including space and biochemistry, as part of the Pentagon's strategy for 2025.