The Congress has passed Fiscal 2024 Defense Spending Bill, which authorizes a pay raise for both service members and civilian defense employees, among other things.
The Republican-held House passed the $874.2 billion defense policy bill by 310-118 vote Thursday, a day after the Democratic-dominated Senate approved it by an overwhelming majority.
The proposals in the Bill, which authorizes the Pentagon to buy ships, ammunition and aircraft, and provide $300 million for Ukraine, take effect once President Joe Biden signs it into law.
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Political News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.