Us Defence Budget 2024. Military spending/defense budget for 2021 was $806.23b, a 3.58% increase from 2020. Military spending/defense budget for 2022 was $876.94b, a 8.77% increase from 2021.
China in march announced a 7.2% rise in defense spending for this year to 1.67 trillion yuan ($234.10 billion) outpacing the economic growth target of around 5% for 2024, though accounting for only some 1.3% of gdp according to analysts. President joe biden submitted his fiscal year (fy) 2025 budget proposal on march 11, including a request for $850 billion in discretionary budget authority for the department of defense.
