Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Biden mulls $60 billion for Ukraine, $10 billion for Israel in funding request - source

Published 10/18/2023, 07:18 PM
Updated 10/18/2023, 07:21 PM
© Reuters. U.S. President Joe Biden delivers remarks as he visits Israel amid the ongoing conflict between Israel and Hamas, in Tel Aviv, Israel, October 18, 2023. REUTERS/Evelyn Hockstein

By Patricia Zengerle

WASHINGTON (Reuters) - U.S. President Joe Biden's administration is considering $60 billion in assistance for Ukraine and $10 billion for Israel in a supplemental spending request he will send to Congress as soon as Friday, a source familiar with the matter told Reuters on Wednesday.

Biden has been widely expected to ask Congress to pass a supplemental spending bill quickly, as Washington responds to the deadly Oct. 7 attack on Israel by Hamas militants while looking to continue to support Ukraine as it grapples with a Russian invasion.

Multiple sources familiar with the request told Reuters on Tuesday that Biden was considering a supplemental request of about $100 billion that would include defense aid for Israel, Ukraine and Taiwan, as well as funding for efforts to beef up security on the U.S. border with Mexico.

Senator Jim Risch, the top Republican on the Senate Foreign Relations Committee, said he was not aware of the $100 billion figure, except from news reports.

He told a news conference he had heard that the administration was considering $10 billion for Israel.

Administration officials did not immediately respond to a request for comment.

© Reuters. U.S. President Joe Biden delivers remarks as he visits Israel amid the ongoing conflict between Israel and Hamas, in Tel Aviv, Israel, October 18, 2023. REUTERS/Evelyn Hockstein

Several sources said on Wednesday that Biden has not settled on a final figure, and the breakdown has not been communicated to Congress.

Under U.S. law, Congress, not the executive branch, controls spending.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.