A security funding boost

President Biden is officially proposing $813.3 billion in defense and national security spending as part of his budget request for fiscal 2023.

The request, which was first reported late last week, comes as the U.S. looks to counter a long list of international threats, including China and Russia.

It also comes amid a push to modernize the military, including optimizing the country’s naval fleet, supporting Army modernization initiatives and investing in the development of hypersonic long-range strike capabilities to bolster deterrence.