Biden to propose $715B Pentagon budget

President Biden will propose a $715 billion fiscal year 2022 budget for the Pentagon, Inside Defense has confirmed.

The figure was first reported by Bloomberg News. Additional details on the FY-22 topline are expected today, while a more detailed budget will be released later this spring.

The $715 billion topline for the Pentagon, which is less than the $722 billion planned for FY-22 by the Trump administration, does not include other national defense spending like that of the Energy Department. In FY-21, the Congress enacted a $704 billion Pentagon budget, making Biden's new proposal a decrease of less than 0.5% in real terms when adjusting for inflation.

Republicans have called for annual defense increases of 3% to 5%, while some liberal Democrats are pushing for a 10% cut.

Watch Inside Defense for more reporting throughout the day.

UPDATE: Read the OMB statement on the FY-22 budget here.