🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Top U.S. Senate Republican calls on Biden for 5% increase in military spending

Published 02/28/2022, 04:34 PM
Updated 02/28/2022, 04:56 PM
© Reuters. FILE PHOTO: U.S. Senate Minority Leader Mitch McConnell (R-KY) walks back to his office at the U.S. Capitol in Washington, U.S., February 17, 2022. REUTERS/Elizabeth Frantz/File Photo

WASHINGTON (Reuters) -U.S. Senate Republican leader Mitch McConnell said on Monday that President Joe Biden's next budget request must include at least a 5% increase in defense spending above inflation, to counter what he called longer-term threats to U.S. interests posed by Russia and China.

McConnell said in a floor speech that ramped up military spending must follow recent sanctions imposed on Moscow over its invasion of Ukraine to ensure the United States can counter advancements in Russian and Chinese weaponry that he said were intended to keep U.S. forces away from troubled regions.

© Reuters. FILE PHOTO: U.S. Senate Minority Leader Mitch McConnell (R-KY) walks back to his office at the U.S. Capitol in Washington, U.S., February 17, 2022. REUTERS/Elizabeth Frantz/File Photo

"It is this president's job to seriously meet the growing threats posed by Russia and China,” McConnell said in a floor speech.

"President Biden must lead by example. The president's next budget request must include at least a 5% increase in defense spending above inflation. Russia and China have prioritized military modernization literally for decades," he said. "We are actually behind."

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.