Biden seeks $895 billion for defense spending amid global conflicts

President Biden on Monday proposed a budget for the next fiscal year that includes defense spending of $849.8 billion, a 1% increase from the current year's budget that awaits approval from Congress. Along with proposed spending outside of the Pentagon's budget, total defense outlays would rise by an expected 1% to $895 billion amid conflicts worldwide, including Russia's invasion of Ukraine and Israel's war in Gaza. The military budget is a significant indicator of performance for multiple aerospace and defense stocks. The budget request is consistent with the funding levels Congress approved in the Fiscal Responsibility Act of 2023, according…