CONGRESSIONAL REPORT WARNS OF MILITARY FUNDING GAPS
Mon, 11/20/2023 - 07:08
In a new fiscal warning, the Congressional Budget Office forecasts that the $842 billion 2024 defense budget pending before Congress is likely to increase to $922 billion by 2028 because military expenses would rise by 10% over the next five years, at a rate faster than inflation.
The report, “Long-Term Implications of the 2024 Future Years Defense Program,” also says that the 2024 budget awaiting congressional action could be underestimating expenses by 3% or more, potentially creating funding gaps.
Personnel, operations and maintenance costs are likely to increase faster than inflation, the report says. It also anticipates the costs of acquiring new weapons systems will increase quickly in the next two fiscal years.
“To accommodate higher costs, DoD would need to scale back its plans or request larger budgets,” the Congressional Budget Office, a nonpartisan arm of Congress, cautions in the report.
https://www.ausa.org/news/congressional-report-warns-military-funding-gaps
