Here’s the firepower the Pentagon is asking for in its $715 billion budget
PUBLISHED FRI, MAY 28 20213:47 PM EDT UPDATED FRI, MAY 28 20215:52 PM EDT
Amanda Macias
@AMANDA_M_MACIAS
https://www.cnbc.com/2021/05/28/pentagon-asks...udget.html
KEY POINTS
The Defense Department is asking Congress for $715 billion in its fiscal 2022 budget, an increase of about $10 billion from what was allocated in 2021.
President Joe Biden’s budget proposal seeks $753 billion overall for national defense, a 2% uptick over the prior year.
WASHINGTON — The Defense Department is asking Congress for $715 billion in its fiscal 2022 budget, an increase of about $10 billion from what was allocated to the Pentagon in fiscal 2021.
The White House released the broad details of President Joe Biden’s budget proposal on Friday for the fiscal year starting Oct. 1, which seeks a colossal $753 billion for national defense.
The Pentagon’s portion of the budget, $715 billion, will fund weapons programs and key national security priorities, while an additional $38 billion will be used for defense-related programs at the Department of Energy and other federal agencies, bringing the total for defense spending to $753 billion.
The nearly 2% uptick in defense spending comes as the Biden administration pulls the nation out of the U.S. military’s longest war and shifts focus away from the Middle East to address emerging threats from China.
“The department in this budget takes a clear-eyed approach to Beijing and provides the investments to prioritize China as our pacing challenge,” Deputy Secretary of Defense Kathleen Hicks told reporters on Friday. “The PRC has become increasingly competitive in the Indo-Pacific region and around the world. It has the economic, military and technological capability to challenge the international system and American interests within it,” she added.
The Pentagon is asking for $5.1 billion to put toward its Pacific deterrence initiative to address threats posed by China.
“Simultaneously, we need to address advanced and persistent threats emanating from Russia, Iran, North Korea and other factors non-state and transnational included,” Hicks said.
Cybersecurity and IT
The Pentagon is asking for $10.4 billion for its cyber efforts, which include safeguarding the Defense Department’s networks.
Last year, software from the IT company SolarWinds was breached, allowing hackers to gain access to communications and data in several government agencies.
In April, Washington formally held Russia’s Foreign Intelligence Service responsible for carrying out the SolarWinds cyberattack. Microsoft President Brad Smith described the incident as “the largest and most sophisticated attack the world has ever seen.” Microsoft’s systems were also infected with malicious software.
The Russian government denies all allegations that it was behind the SolarWinds hack.
Earlier this month, Colonial Pipeline fell victim to a sweeping cyberattack that forced the company to shut down approximately 5,500 miles of pipeline, leading to a disruption of nearly half of the East Coast fuel supply and causing gasoline shortages in the Southeast.
On Thursday, Microsoft warned in a blog post that the Russian hackers thought to be behind the catastrophic SolarWinds attack had launched another assault.
The hacking group, known as Nobelium, targeted more than 150 organizations worldwide in the last week, including government agencies, think tanks and nongovernmental organizations. The cyberattack is the latest example of criminal groups or state actors exploiting U.S. cyber vulnerabilities.
“Given Solarwinds and other episodes of hacking into U.S.-based data networks it makes sense to invest more in cybersecurity, but the Pentagon will not necessarily be the most important player in dealing with broader cyber-challenges to infrastructure, the electrical grid, communications networks, and banking systems,” explained William Hartung, director of the Arms and Security Program at the Center for International Policy.
“A partnership with the private sector, and rules of the road for cybersecurity set at the federal level, could be as or more important in thwarting cyber-related risks,” he added.
=
https://www.globalxetfs.com/funds/bug/?utm_so...18QAvD_BwE
PUBLISHED FRI, MAY 28 20213:47 PM EDT UPDATED FRI, MAY 28 20215:52 PM EDT
Amanda Macias
@AMANDA_M_MACIAS
https://www.cnbc.com/2021/05/28/pentagon-asks...udget.html
KEY POINTS
The Defense Department is asking Congress for $715 billion in its fiscal 2022 budget, an increase of about $10 billion from what was allocated in 2021.
President Joe Biden’s budget proposal seeks $753 billion overall for national defense, a 2% uptick over the prior year.
WASHINGTON — The Defense Department is asking Congress for $715 billion in its fiscal 2022 budget, an increase of about $10 billion from what was allocated to the Pentagon in fiscal 2021.
The White House released the broad details of President Joe Biden’s budget proposal on Friday for the fiscal year starting Oct. 1, which seeks a colossal $753 billion for national defense.
The Pentagon’s portion of the budget, $715 billion, will fund weapons programs and key national security priorities, while an additional $38 billion will be used for defense-related programs at the Department of Energy and other federal agencies, bringing the total for defense spending to $753 billion.
The nearly 2% uptick in defense spending comes as the Biden administration pulls the nation out of the U.S. military’s longest war and shifts focus away from the Middle East to address emerging threats from China.
“The department in this budget takes a clear-eyed approach to Beijing and provides the investments to prioritize China as our pacing challenge,” Deputy Secretary of Defense Kathleen Hicks told reporters on Friday. “The PRC has become increasingly competitive in the Indo-Pacific region and around the world. It has the economic, military and technological capability to challenge the international system and American interests within it,” she added.
The Pentagon is asking for $5.1 billion to put toward its Pacific deterrence initiative to address threats posed by China.
“Simultaneously, we need to address advanced and persistent threats emanating from Russia, Iran, North Korea and other factors non-state and transnational included,” Hicks said.
Cybersecurity and IT
The Pentagon is asking for $10.4 billion for its cyber efforts, which include safeguarding the Defense Department’s networks.
Last year, software from the IT company SolarWinds was breached, allowing hackers to gain access to communications and data in several government agencies.
In April, Washington formally held Russia’s Foreign Intelligence Service responsible for carrying out the SolarWinds cyberattack. Microsoft President Brad Smith described the incident as “the largest and most sophisticated attack the world has ever seen.” Microsoft’s systems were also infected with malicious software.
The Russian government denies all allegations that it was behind the SolarWinds hack.
Earlier this month, Colonial Pipeline fell victim to a sweeping cyberattack that forced the company to shut down approximately 5,500 miles of pipeline, leading to a disruption of nearly half of the East Coast fuel supply and causing gasoline shortages in the Southeast.
On Thursday, Microsoft warned in a blog post that the Russian hackers thought to be behind the catastrophic SolarWinds attack had launched another assault.
The hacking group, known as Nobelium, targeted more than 150 organizations worldwide in the last week, including government agencies, think tanks and nongovernmental organizations. The cyberattack is the latest example of criminal groups or state actors exploiting U.S. cyber vulnerabilities.
“Given Solarwinds and other episodes of hacking into U.S.-based data networks it makes sense to invest more in cybersecurity, but the Pentagon will not necessarily be the most important player in dealing with broader cyber-challenges to infrastructure, the electrical grid, communications networks, and banking systems,” explained William Hartung, director of the Arms and Security Program at the Center for International Policy.
“A partnership with the private sector, and rules of the road for cybersecurity set at the federal level, could be as or more important in thwarting cyber-related risks,” he added.
=
https://www.globalxetfs.com/funds/bug/?utm_so...18QAvD_BwE
1
