Many people worry that defense contractors might be indigent, but this article offers welcome reassurance us that they’re not. From Judd Legum at popular.info:
An F-35 fighter (Photo by BO AMSTRUP via Getty Images)
In 2023, Republicans and Democrats are deeply divided on nearly every significant policy issue. But there is an exception to the rule. Both parties can always agree on sending more money to defense contractors.
The agreement between President Joe Biden and House Speaker Kevin McCarthy (R-CA) to raise the debt limit for two years, if approved by the House and Senate, will avert a potential economic catastrophe. Biden started off demanding a “clean” debt limit increase with no extraneous provisions. McCarthy sought deep cuts in domestic discretionary spending and large increases in military spending in exchange for raising the debt limit.
The compromise, reached Sunday, includes a small decrease in domestic discretionary spending and a record $886 billion for defense, a 3.3% increase over the current year. The money allocated for the defense budget is exactly what Biden requested in the 2024 budget. Notably, about half of that money will go to defense contractors.
