President Joe Biden’s budget request for fiscal year 2024 includes $842 billion in defense spending and Lloyd Austin, secretary of the Department of Defense and a 2023 Wash100 Award recipient, said the proposed DOD budget would enable the Pentagon to continue the implementation of the National Defense Strategy and invest in capabilities that could help defend the country from existing and future threats.
Austin said in a statement published Thursday the proposed defense budget reflects an increase of 3 percent, or $26 billion, from the enacted funding for FY 2023 and includes a 5.2 percent pay raise for service members and civilian employees.
“The President’s budget request provides the resources necessary to address the pacing challenge from the People’s Republic of China, address advanced and persistent threats, accelerate innovation and modernization, and ensure operational resiliency amidst our changing climate,” said Austin.
The secretary noted that the proposed budget would provide key resources to further strengthen the country’s alliances and partnerships while advancing unity within DOD.
The president’s FY24 budget request seeks to promote integrated deterrence in the Indo-Pacific region.
According to the document, DOD’s 2024 Pacific Deterrence Initiative includes $9.1 billion in targeted investments to improve U.S. force posture, readiness and infrastructure and strengthen the capabilities of U.S. allies and partners in the Indo-Pacific region.