Trump pushes $1.5 trillion budget for ‘dream military’, targets US defence contractors

US President Donald Trump had hinted at increasing the military budget by 50 per cent to $1.5 trillion, which would allow the US to build its “Dream Military”. The congressional approval for the year 2026 was $1 trillion. Trump suggested that the increased spending was necessary as the times are "troubled and dangerous". He also lauded the “tariffs” which have boosted the revenues would be able to cover the increased spending.

Since the attack on Venezuela, the Trump administration has taken an imperial tone. It had projected itself as the superpower of the Western hemisphere. It had claimed it would dictate "policy" in Venezuela. It also threatened to annex Greenland either by money or force, despite repeated pushbacks from Denmark and other NATO allies.

Trump also, in a lengthy post, went after the “State Defence Contractors and the Defence Industry”. He clamped down on the industry for allowing massive stock buybacks instead of spending on infrastructure. He targeted the executive pay packages of the defence industry. He complained, “MILITARY EQUIPMENT IS NOT BEING MADE FAST ENOUGH.”

Trump, in the lengthy 322-word post, pointed out the malpractice of the Defence Contractors, who seek Federal Funding and help from Financial institutions, and spend exorbitant money on shareholders and their own paychecks through “Dividends, Stock Buybacks, and Over Compensation of Executives.”

He specifically targeted the Defence Contractor Raytheon, which has been the least responsive to the necessities of the Department of War. He threatened to cancel all the contracts of Rayethon if it didn't fall in line. “Our Country comes FIRST, and they’re going to have to learn that, the hard way!” said Trump in a subsequent Truth Social Post. Trump's railing on the defence contractor Raytheon saw its share price plummet by over 10 per cent. Similar was seen with Lockheed Martin and Northrop Gunman dropping 8-10 per cent.

Trump's desire to increase Defence spending will need approval from Congress. The Republicans are calling Trump's aspiration a “good news story”. They have long argued for Pentagon funding at 5 per cent of the total GDP. According to a defence lobbyist quoted by Politico, Golden Dome and Golden Fleet are not possible without a bill of that size. However, experts at the Federal Budget watchdog, Taxpayers for Common Sense, claim that the math does not add up on Trump's spending, and Congress is about to approve a 13 per cent increase in Pentagon spending this year. The overall debt is over $38 trillion.

"We’re over $38 trillion in debt. We have real needs, at home and abroad, none of which will be easier to meet by hitting the gas pedal on the debt crisis," said Steve Ellis, President of Taxpayers for Common Sense. He asserted that the tariff will not offset the deficit, "the math doesn’t add up, he has also promised that revenue will be used to reduce the deficit, send $2000 checks to citizens, bailout farmers impacted by the trade war, and the list goes on."