Austin recommends defense spending boost by more than $50 billion in 2026, Bloomberg News reports

(Reuters) – Outgoing U.S. Defense Secretary Lloyd Austin recommended the government boost defense spending by about $50 billion more than projected in the fiscal year 2026, Bloomberg News reported on Monday.

Austin recommended the Office of Management and Budget leave President-elect Trump’s incoming administration a proposed five-year defense plan that starts with $926.5 billion in fiscal 2026, compared with a projected $876.8 billion, according to the Bloomberg report.