Biden proposes record defense budget for fiscal 2024 to deter China

U.S. President Joe Biden on Thursday proposed a record defense budget of $886 billion for fiscal 2024, up 3.3 percent from the previous year as his administration prioritizes China as its pacing challenge and seeks to boost deterrence in the Indo-Pacific region.The administration plans to spend a total of $6.88 trillion, an increase of 8 percent, in the whole federal budget for the year starting Oct. 1, but at the same time it pledged to trim the national deficit by nearly $3 trillion over 10 years by levying more taxes on billionaires, large companies and investors.Budgets are not typicall…READ FULL ARTICLE