By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Stocks > US readies new Ukraine arms package despite tumult in Congress
Stocks

US readies new Ukraine arms package despite tumult in Congress

News Room
Last updated: 2023/10/07 at 7:19 PM
By News Room
Share
4 Min Read
SHARE

© Reuters. FILE PHOTO: Commander of the Joint Forces of the Armed Forces of Ukraine Serhiy Nayev fires an American Browning M2 machine gun during a military exercise, amid Russia’s attack on Ukraine, in Kyiv region, Ukraine September 27, 2023. REUTERS/Gleb Garanich/

By Mike Stone

WASHINGTON (Reuters) – The Biden administration is expected to announce a new weapons package for Ukraine next week as the Pentagon continues to use up funds discovered due to a multi-billion dollar accounting error, U.S. officials said.

Those funds have allowed the Biden administration to send Kyiv arms, supplies and munitions despite the exclusion of new Ukraine aid from a stopgap spending bill passed by the House of Representatives last weekend to prevent a government shutdown.

Biden has been asking Congress to approve another $24 billion related to Ukraine, which the country’s supporters – Republicans as well as Democrats – had hoped could become law as part of a spending bill. The request is still pending.

But the Pentagon still has about $5.4 billion of congressionally granted presidential drawdown authority (PDA), after the Pentagon found in June it had overestimated the value of arms shipped to Ukraine by $6.2 billion due to an accounting error.

The composition of the next round of weapons aid is still being formulated and is set to be unveiled on Wednesday at the 16th meeting of the Ukraine Defense Contact Group in Brussels where security assistance will be a key topic, the officials said.

It was expected to have a value of around $200 million and could include similar ammunition and ground vehicles that have been in recent aid packages.

Biden has vowed to replenish stocks of arms sent to Ukraine. The true cost of shipping weapons is measured when the replacement is purchased.

If Congress does not provide new funds to buy replacements, and the Pentagon runs out of funds it can reprogram to keep corporate contracts flowing, the U.S., Ukraine and arms makers may be forced to take other steps to backfill stocks.

Reprogramming, a tool used to shift funds within Department of Defense accounts to meet urgent needs, could be used to buy arms from weapons makers like Lockheed Martin (NYSE:), which makes the Guided Multiple Launch Rocket System (GMLRS), and General Dynamics (NYSE:), which makes the 155 millimeter artillery ammunition. Both have been essential to Ukraine’s operations.

Congress could continue to increase the PDA, which authorizes the president to transfer articles and services from U.S. stocks without congressional approval during an emergency. Increasing the PDA would not require approval of new funds, though replacing the weapons would require new money.

The Biden administration is also considering using a State Department grant program to send Ukraine additional military aid, a U.S. official said.

U.S. aid to Ukraine may hinge in part on who takes over as House speaker after Republican Kevin McCarthy was ousted from the role this week. Some of his possible successors strongly support assisting Kyiv, with others staunchly opposed.

Democrats, who strongly support aid to Ukraine, insist that Congress will back continued assistance. Many Senate Republicans, including influential figures like Republican Leader Mitch McConnell, also say so.

Read the full article here

News Room October 7, 2023 October 7, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Yahoo Finance: Market Coverage, Stocks, & Business News

Watch full video on YouTube

How A Million Miles Of Undersea Cables Power The Internet — And Now AI

Watch full video on YouTube

Tesla bull Dan Ives talks why he’s still bullish, AT&T COO talks wireless competition

Watch full video on YouTube

Why The U.S. Is Running Out Of Explosives

Watch full video on YouTube

REX American Resources Corporation 2026 Q3 – Results – Earnings Call Presentation (NYSE:REX) 2025-12-05

This article was written byFollowSeeking Alpha's transcripts team is responsible for the…

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

Playa Hotels & Resorts (NASDAQ:PLYA) Delivers Strong Q4 Numbers By Stock Story

By News Room
Stocks

ON24 (NYSE:ONTF) Posts Better-Than-Expected Sales In Q4 By Stock Story

By News Room
Stocks

Evolent Health shares leap on Q4 earnings beat and upbeat guidance By Investing.com

By News Room
Stocks

Chuy’s (NASDAQ:CHUY) Reports Q4 In Line With Expectations But Stock Drops

By News Room
Stocks

Red River Bancshares raises dividend to $0.09 per share

By News Room
Stocks

Ecolab appoints Microsoft executive to board

By News Room
Stocks

Semilux secures $50 million equity deal with White Lion Capital

By News Room
Stocks

US government debt trajectory to push long-term yields higher, says PIMCO

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?