President Joe Biden has earmarked $400 million in discretionary funding to counter potential threats from China, and $1.7 billion to help Ukraine win the war against Russia in his Fiscal Year 2024 Budget.
In addition, the Budget includes a new, multifaceted interagency mandatory proposal to outcompete China. This includes $2 billion to support high-quality, strategic "hard" infrastructure projects globally; $2 billion to strengthen Indo-Pacific economies and support U.S. partners in pushing back against predatory efforts; $2 billion for a new revolving Fund at DFC to boost equity investments; and $7.1 billion over 20 years to support the renewal of the Compacts of Free Association (COFA).
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.