The US Defense Department’s fiscal year (FY) 2024 budget request includes $170 billion for procurement, marking the largest such investment in its history, Defense Secretary Lloyd Austin said on Monday.
“The FY 2024 president’s budget allows the Defense Department to invest in capabilities that will ensure we maintain a ready, lethal and combat-credible joint force with a laser focus on China as the department’s pacing challenge and addressing the acute threat posed by Russia,” Austin said in a statement. “This budget also funds $170 billion for procurement, the largest in history.”
Investments include $61.1 billion for air power development, modernization and procurement, with a focus on fighter jets such as the F-22 and F-35 aircraft, the statement said.
The Defense Department also seeks to invest $48.1 billion in sea power through the construction of nine battle force fleet ships and other projects, the statement said.
The budget also reportedly allocates $29.8 billion to enhance missile and missile-defense projects, including the further development of hypersonic strike capabilities.