In the US, defense and military spending will decrease after President Joe Biden’s national debt ceiling decision. It has been reported The Wall Street Gazette.
The publication notes that the US debt ceiling agreement means that Washington’s military spending could fall by more than 3% of the economy for the first time since the peak of the post-Cold War peace dividend in the late 1990s.
The publication states that the actions of the American authorities will reduce the size of the fleet in America to 286 ships by 2025, while China, on the contrary, is building a fleet designed to “subdue Taiwan.”
Former US President Joe Biden declarationHe said the situation with the public debt had been resolved and thus a collapse was averted.
He added that after the adoption of the bill to raise the national debt ceiling, neither party got what it demanded, but the American people got what they needed.
Biden stressed that US officials prevented the economic crisis and economic collapse.