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(Bloomberg) The Pentagon is seeking to boost research and development of new technologies such as artificial intelligence, microchips, and hypersonic weapons in its proposed budget, shifting toward deterring China and Russia and away from decades-long counterterrorism operations in the Middle East.
The Defense Department is asking for an unprecedented $112 billion for research and development in fiscal year 2022, a 5% increase from this year’s $106.6 billion request.
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But some Republican lawmakers are already denouncing as inadequate the overall $715 billion defense request in the budget proposal that President Joe Biden sent to Congress on Friday. It would be 1.6% more than the $704 billion enacted for this year but would amount to a decrease of about 0.4% in real terms adjusted for inflation.
Top Defense Contractors in 2021
The defense industry is an extremely lucrative sector that is thriving as countries ramp up their military spending amid the changing geopolitical situation. The United States tops the list of the world’s biggest military spenders with a military budget of $940 billion. China, India and Russia are some of the other notable companies that spend a fortune every year on defense.
Major countries hire defense contractors for military equipment, services and maintenance of their defense systems. The U.S. Department of Defense has contracts worth billions of dollars with organizations from around the world. The prime contractors of the U.S. Department of Defense include The Boeing Company (NYSE: BA), Northrop Grumman Corporation (NYSE: NOC), and Huntington Ingalls Industries, Inc. (NYSE: HII).
Multimedia Release — Huntington Ingalls Industries Debuts Proteus Unmanned Surface Test Vessel streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
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Navies across the globe are enhancing their undersea warfare capabilities by commissioning advanced submarines, primarily to maintain/gain asymmetric advantages over their opponents and to protect their territorial waters against any intrusion. Disputes over offshore territories and maritime boundaries, due to the need to exploit offshore resources, including unexplored oil and gas reserves and fertile fishing zones, are expected to be a major driver of the strengthening of submar
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the First Quarter 2021 Huntington Ingalls Industries Earnings conference call. [Operator Instructions]
I would now like to turn the call over to Dwayne Blake, Vice President of Investor Relations. Mr. Blake, you may now begin.
Dwayne Blake
Vice President, Investor Relations
Thanks. Good morning, and welcome to the Huntington Ingalls Industries First Quarter 2021 Earnings Conference Call. With us today are Mike Petters, President and Chief Executive Officer; Chris Kastner, Executive Vice President and Chief Operating Officer; and Tom Stiehle, Executive Vice President and Chief Financial Officer. As a reminder, statements made in today s call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal Securities law. Actual results may differ. Please refer to our SEC filings for a description of some of the factors that may cause ac