The Latest: Defense policy bill would allot Pentagon $700B

Markets Associated Press

The Latest on a defense policy bill authorizing $700 billion for the Pentagon in the next fiscal year (all times local):

Continue Reading Below

4:05 p.m.

An annual defense policy bill agreed upon by House and Senate negotiators will authorize $700 billion for the Pentagon for the current fiscal year.

Summaries of the legislation were released Wednesday by the House and Senate Armed Services committees.

The bill allots just over $634 billion for core Pentagon operations and nearly $66 billion for wartime missions in Afghanistan, Iraq, Syria and elsewhere. That's a dramatic increase over the amount President Donald Trump sought as lawmakers aim to restock what they say is a depleted U.S. military.

The funding boost pays for more troops, jet fighters, ships and other weapons the bill's backers said are needed to halt an erosion of the military's combat readiness.

Continue Reading Below

Trump's request for the 2018 fiscal year sought $603 billion for basic functions and $65 billion for overseas missions.

___

Noon

House and Senate negotiators have agreed on an annual defense policy bill that authorizes $700 billion for the Pentagon in fiscal 2018.

That's an ample increase over the amount sought by President Donald Trump. It pays for more active-duty troops, aircraft and ships than he requested.

Details are scheduled to be made public later Wednesday, but congressional staff members say the bill allots just over $634 billion for core Pentagon operations and nearly $66 billion for wartime missions in Afghanistan, Iraq, Syria and elsewhere. The staff members spoke on condition of anonymity because they weren't authorized to speak on the record.

Trump's budget request sought $603 billion for basic functions and $65 billion for overseas missions.

The policy bill also grants U.S. troops a 2.4 percent pay raise.