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NEWS | March 9, 2023

Statement by Secretary of Defense Lloyd J. Austin III on the President's Fiscal Year 2024 Budget

DoD Immediate Release

WASHINGTON -- The Biden-Harris Administration today released the President’s Budget for Fiscal Year 2024. The Budget enables the Department of Defense to continue building a Joint Force that is the most lethal, resilient, survivable, agile, and responsive in the world and is guided by our three priorities of defending the nation, taking care of our people, and succeeding through teamwork.

“Today, I am proud to join President Biden in submitting the Fiscal Year 2024 Budget. The Fiscal Year 2024 President’s budget request, totaling $842 billion, is $26 billion more than the current FY 2023 enacted level and nearly $100 billion higher than FY 2022. This is a strategy-informed budget, based on priorities outlined in the 2022 National Defense Strategy. The budget prioritizes resources for critical investments enabling the Department to continue implementation of the National Defense Strategy, including building the right mix of capabilities to defending against current and future threats.

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. This budget invests in taking care of our people with the largest military pay raise in over 20 years, and the largest civilian pay raise in over 40 years, both set at 5.2%. It also provides critical resources to promote the continued strength of our alliances and partnerships while strengthening our partnerships across America and unity within the Department of Defense.

This budget makes critical, targeted investments in the American people that will promote greater prosperity and economic growth for decades to come.

As the Secretary of Defense, my priority is defending America, and ensuring that our forces are ready, resilient and remain the world’s preeminent fighting force. I look forward to working with Congress to support the President’s request.”

The details of the Department’s request will be released on Monday, March 13.

For more information on the President’s FY 2024 Budget, please visit: https://www.whitehouse.gov/omb/budget/.
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