US President Biden signs USD 770 bn defense bill

U.S. President Joe Biden signed into law the National Defense Authorization Act, or NDAA, for fiscal year 2022, which authorizes $770 billion in defense spending, the White House said on Monday. Earlier this month, the Senate and the House of Representatives voted overwhelmingly for the defense bill with strong support from both Democrats and Republicans for the annual legislation setting policy for the Department of Defense.

The NDAA is closely watched by a broad swath of industry and other interests because it is one of the only major pieces of legislation that becomes law every year and because it addresses a wide range of issues. The NDAA has become law every year for six decades. Authorizing about 5% more military spending than last year, the fiscal 2022 NDAA is a compromise after intense negotiations between House and Senate Democrats and Republicans after being stalled by disputes over China and Russia policy.

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