The White House submits the FY2027 budget with defense spending soaring to $1.5 trillion

People’s Finance Information April 3, a reporter learned on April 3 local time that the White House has officially submitted its 2027 fiscal year budget proposal to Congress. The defense budget totals as much as $1.5 trillion, up about $445 billion from the previous fiscal year, a significant increase. According to the budget documents, about $1.15 trillion is listed as discretionary spending, and at least $350 billion will be put through a budget reconciliation mechanism to expand the defense industrial base, against the backdrop of escalating military conflict surrounding Iran. At the same time, the government plans to cut $73.0 billion in non-defense spending. In terms of specific spending directions, the budget includes increasing key munitions stockpiles, speeding up the “Iron Dome” missile defense system proposed by the Trump administration, and stepping up investment in critical mineral resources and domestic supply chains. In addition, the budget allocates about $65.8 billion for shipbuilding projects and proposes a plan to build 41 vessels, described as the largest shipbuilding demand since the Roosevelt era. The budget documents note that the scale of this defense spending “is nearing the historic growth level before World War II,” aiming to address the current global security threat environment and enhance the readiness and combat capabilities of the U.S. military. (CCTV News)