The Department of Defense (DoD) budget for Fiscal Year (FY) 2024 is set at $886.3 billion, as authorized by the National Defense Authorization Act (NDAA) for FY 2024, which President Joe Biden signed into law on December 22, 2023.
Key Allocations in the FY 2024 DoD Budget:
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Military Personnel: The budget includes a 5.2% pay raise for service members, marking one of the most significant increases in recent years.
Research and Development: A record $145 billion is allocated for research, development, test, and evaluation (RDT&E) to advance military technologies and maintain a competitive edge.
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Procurement: $170 billion is designated for procurement, the largest allocation in history, to enhance combat capabilities across all domains.