Biden’s US$5.8 trillion budget proposal focuses on competition with Russia and China

‘The world has changed,’ US President Joe Biden says, with the US ‘once again facing increased competition from other nation states – China and Russia’

Items specifically targeting China including international development financing and following up on Washington’s pursuit of an Indo-Pacific strategy

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US President Joe Biden announcing his administration’s US$5.8 trillion for fiscal year 2023 in Washington on Monday. Photo: EPA-EFE

Joshua Cartwrightin Washington

Published: 6:35am, 29 Mar 2022

With an eye toward Russia’s war in Ukraine and the competitive challenges posed by China, US President Joe Biden released a US$5.8 trillion budget proposal on Monday aimed at tackling America’s security and economic concerns.

“The world has changed,” Biden said in an address to introduce his proposed budget. The US is “once again facing increased competition from other nation states – China and Russia – which are going to require investments to make things like space and cyber and other advanced capabilities, including hypersonics”.

Cecilia Rouse (left), chair of the Council of Economic Advisers, and Shalanda Young, director of the Office of Management and Budget, taking questions on Monday about the White House’s proposed budget for fiscal year 2023. Photo: Getty Images/AFP

Earlier on Monday, Admiral Christopher Grady, the vice-chairman of the Joint Chiefs of Staff, said in a briefing that the budget request “remains in line with our strategic approach and prioritises China as the pacing challenge”, while also highlighting the “acute threat posed by Russia”.

The budget includes a request of US$813.3 billion in national security spending for fiscal year 2023, with US$773 billion of that going to the Pentagon – over US$30 billion more than what Congress approved for this year.

Roughly a third of the Pentagon funds would go towards investment, including for weapons procurement and research.

Another US$135 billion would be invested in military readiness, and America’s “nuclear triad” – the three-pronged strategy of land-launched intercontinental ballistic missiles, bombers and nuclear-armed submarines – would receive a boost of US$34.4 billion.

The budget also includes a US$60.4 billion request for the State Department and US Aid for International Development. Their priorities include US$1.6 billion to support Ukraine and US$4 billion to shore up US alliances and leadership to “effectively compete with the People’s Republic of China (PRC) and Russia”.