US Navy Awards Raytheon $234M Over-The-Horizon Missile Contract

DoD’s Biggest Spending Yet On March 13, DoD unveiled the President’s defense budget request for FY 2024, amounting to $842 billion—the biggest investment yet further to expand the readiness and procurement capabilities of the country. “The FY 2024 budget is the most strategy-driven request we’ve ever produced from the Department of Defense. And as our National Defense Strategy makes clear, the People’s Republic of China (PRC) is our pacing challenge,” said Lloyd J. Austin III, Secretary of Defense, in a statement regarding the FY24 budget. “This budget seeks to meet this critical challenge today, tomorrow, and into the future by providing the resources today to continue to implement our National Defense Strategy and keep our nation safe while delivering a combat-credible Joint Force that is the most lethal, resilient, agile, and responsive in the world,” he added. The Navy requested about $255.8 billion in spending allocation, increasing its previous FY enacted budget of $11.1 billion or 4.5 percent. According to Secretary of the Navy Carlos Del Toro, the defense spending of the service branch will primarily prioritize “strengthening maritime dominance, building a culture of warfighting excellence, and enhancing strategic partnerships.” USS Gerald R. Ford (CVN 78) transits the Atlantic Ocean on March 19, 2023 (Image source: DVIDS) Likewise include modernizing and maintaining fleets, as well as pouring resources into research and development and weapon programs, increasing capacity and retaining highly skilled laborers, and raising pay for military and civilian personnel. In addition, the service is set to procure nine more battle force ships with the requested budget, including “one Columbia-class submarine, two Virginia-class submarines, two-Arleigh Burke-class guided-missile destroyers, two Constellation-class guided-missile frigates, one John Lewis-class fleet replenishment oiler, and one submarine tender.” Meanwhile, a reduction of eleven ships will also take place, “eight of which are before their end-of-service life: two littoral combat ships (LCS), three cruisers (CG), and three dock landing ships (LSD).” A budget of $17.3 billion has also been set aside for the procurement of 88 aircraft, including: 35 F-35s 26 Multi-Engine Training System 15 CH-53K 5 MQ-9A 3 MQ-25 2 MQ-4, and 2 KC-130Js As well as modification, spares, and support equipment, completing the acquisition of KC-130J, MQ-4C, and MQ-9A in FY24. Aside from beefing up its defensive capabilities, Congress and the current administration are concerned about a possibly prolonged war in Ukraine and potential future conflicts with Russia and China.