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).
by Joji Xavier
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