The Democrats’ victory in the U.S. midterm elections threatens the Pentagon’s proposed $1.5 trillion budget for 2027, which represents an increase of more than 40%. Adam Smith, the top Democrat on the House Armed Services Committee, advocates a military budget below $1 trillion and an investigation into the Pentagon’s dealings with contractors. Meanwhile, defense spending has reached 2% of GDP across the G7, its highest level in more than three decades, and could rise to 3.8%, or roughly $8 trillion worldwide. The United States accounts for about one-third of global defense spending, while Europe and Japan are accelerating their rearmament because of the wars in Ukraine and the Middle East and reduced U.S. support.
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