U.S. defense spending and military aid costs add up.
President Joe Biden signed a $95 billion U.S. military aid package in April, allocating funds to Ukraine, Israel, Taiwan and the Indo-Pacific region. Additionally, the National Defense Authorization Act of 2024 authorized military spending of a record $886 billion.
Much of that money will go toward strengthening the U.S. defense industry.
“People think we’re sending a big check to Ukraine,” RTX CEO Gregory Hayes told CNBC’s “Squawk Box.” “The fact is that most of this money will be used to support American defense industries here in the United States.”
The five largest US defense companies… Lockheed MartinRTX, General dynamics, Boeing and Northrop Grumman — had Defense Department contracts totaling more than $118 billion in fiscal year 2022, according to the Congressional Research Service.
So where does the United States send its military aid and personnel and what is the impact of defense spending on the world as a whole?
Watch this video to learn more.
cnbc
