Defense budget speeds toward $1 trillion, with China in mind

The Pentagon intends to load up on advanced missiles, space defense and modern jets in its largest defense request in decades in order to meet the threat it perceives from China. The Defense Department's chief financial officer says the spending path would have the military's annual budget cross the $1 trillion threshold in just a matter of years. The administration’s request for the 2024 budget year is $842 billion. With just a normal rate of growth for inflation, military spending would cross the trillion dollar-mark in just a few years, if Congress approves the request.