WASHINGTON: Republicans in the US Congress plan to introduce a sweeping $150 billion defense package that will give an initial $27 billion boost to President Donald Trump’s controversial Golden Dome missile defense shield and bolstering shipbuilding, according to a document and a congressional aide.
The measure would supercharge the national defense budget with new money to build 14 warships and lift homeland security spending. This will add $150 billion to the already approved $886 billion national security budget for 2025. It will be part of Trump’s sweeping tax cuts bill, which will cut taxes by about $5 trillion and add approximately $5.7 trillion to the federal government’s debt over the next decade.
The Republican leaders of the House and Senate Armed Services Committees hammered out the legislation that will be unveiled as soon as Friday evening, Republican Senator Roger Wicker told Reuters in an interview. He is chairman of the Senate committee.
The measure, details of which have not been previously reported, includes a $27 billion investment in Golden Dome to build more missile interceptors and purchase Terminal High Altitude Area Defense (THAAD) antiballistic missile batteries, according to the congressional aide. THAAD is made by Lockheed Martin.
Elon Musk’s SpaceX and two partners have emerged as frontrunners to win a crucial part that would track incoming missiles as part of the Golden Dome program, Reuters reported last week.
The bill’s focus on strengthening the country’s military presence, particularly in the Indo-Pacific, is a key component of a broader strategy to prevent conflict.
“Strength, particularly in the Indo-Pacific, will make China less eager to break the status quo, which has led to a vast global prosperity among people who’ve never had it before. This is part of a plan to prevent war.”
He said it was designed to address the military’s most pressing needs, with a focus on supercharging key areas such as naval shipbuilding, missile defense, and space sensing.
The bill includes a range of provisions aimed at enhancing the country’s military capabilities. The largest item is $29 billion for the procurement of 14 new ships, and a “historic” investment in unmanned ships, according to the document seen by Reuters.
The legislation also provides significant funding for the development of innovative technologies, including a $5 billion investment in autonomous systems, a substantial increase from the $500 million allocated by the Biden administration.
Additionally, the package includes $20 billion in funding for the production of new munitions, the expansion of the country’s supplier base, and the replenishment of critical minerals stockpiles.
Notably, much of the funding allocated in this package will not expire at the end of the fiscal year, providing a significant boost to the country’s defense capabilities.
The measure will move forward through the process of reconciliation, a parliamentary procedure that allows Congress to pass budget-related bills with a simple majority vote, bypassing the usual 60-vote threshold required for most legislation.
US Congress Republicans seek $27 billion for Golden Dome in Trump tax bill
https://arab.news/yg9jc
US Congress Republicans seek $27 billion for Golden Dome in Trump tax bill
- Measure adds $150bn to the already approved $886bn national security budget for 2025, with $27bn going to Golden Dome missile defense shield
- Elon Musk’s SpaceX and two partners are frontrunners to win a crucial part that would track incoming missiles as part of the Golden Dome program
As India claims fourth-largest economy spot, what it means on the ground
- Indian government review says economy grew to $4.19 billion, overtaking Japan
- Claim still needs IMF review as only organized sector counted, economist says
NEW DELHI: When Ramesh Chandra Biswal left his job as a space scientist in the US, he returned to eastern India and ran an agriculture startup on a promise of his country’s rapid economic growth.
Nine years on, as India positions itself as the world’s fourth largest economy, he is still waiting for the promise to come true.
India’s economy was the sixth largest in the world, valued at about $2.6 trillion in 2017, when Biswal launched his Villamart project in his home village in Odisha.
According to calculations in the Indian government’s end-of-year economic review, it has now grown to $4.19 trillion, overtaking Japan’s economy in terms of nominal Gross Domestic Product.
The review also projects that India will overtake Germany to become the world’s third-largest economy within the next three years, trailing only the US and China in economic weight.
But on the ground, Biswal was not sure what the projections meant because they had no impact on his life or business.
“The hype around India becoming the fourth largest economy is not grounded. People cannot relate to that,” he said.
“The number of people here in India is much more than Japan ... We have to improve the per capita income instead of telling the story of being the fourth largest economy.”
Over the years that he has been running his company, Biswal has not noticed much change, but hoped that the news of the country’s growth would at least create a positive hype and motivate everyone.
“People are trying. As an entrepreneur, we are also trying, struggling every day, trying to do something new,” he said.
“I’m getting some respect in society. That way, it is giving me the driving force.”
But not everyone was immediately optimistic. For Sarvesh Sau, a fruit seller in Delhi, it has been increasingly difficult to keep his family afloat.
“Rich people are getting rich, those who have resources ... but a low-income group person like me finds it difficult to manage a decent living despite putting in more than 12 hours of work every day.
“We are a big nation, and we will look big compared to others. Are we able to match Japan?”
The world’s most populous nation, India has about 1.46 billion people and a GDP per capita estimated by the World Bank to be about $2,700. It is about 12 times lower than Japan’s.
Yogendra Kumar, a plumber in Noida, said his income has been rising, but it is consistently outpaced by the cost of living, leaving him feeling poorer over time.
“I have heard that India has become the fourth largest economy, but I don’t know how to react to that. It does not make any difference to our lives. It sounds good that India is growing, but the matter of fact is that for people like me the struggle for survival is more acute now than before,” he said.
“Today I earn more but the inflation takes away all the money, and it makes it difficult to have a comfortable life,” he told Arab News. “Mustard oil was 50 rupees 10 years ago. It is now 200 rupees. A cooking gas cylinder used to cost 500 rupees — now it costs more than double. Everything is so expensive.”
While India’s claim of being the fourth-largest economy is still awaiting review by the International Monetary Fund, Prof. Arun Kumar, a development economist, does not expect it to be confirmed.
“Our GDP data, as the IMF has said, is suspect because it doesn’t include the informal sector ... According to my estimate, we are still the seventh largest economy, just ahead of Italy,” he told Arab News, also estimating India’s actual growth to be much lower than the government’s projection.
“Even though official data shows a 7 percent to 8 percent rate of growth, people realize that it’s not growing so well,” Prof. Kumar said.
“The rate of growth is only of the organized sector, not of the unorganized sector ... The unorganized sector is declining and that is where 94 percent of the employment is.”
