White House makes $11.7 billion request for aid to Ukraine - money will be used for weapons and economic support
The administration of U.S. President Joe Biden has asked Congress for additional funds for Ukraine.
Here's What We Know
The White House is asking for $11.7 billion to provide economic and military support for Ukraine. The Biden administration wants the funds allocated in the first quarter of fiscal year 2023. In the U.S., it begins Oct. 1, 2022, which coincides with the last calendar quarter of 2022.
The $4.5 billion will go directly to support Ukrainian government operations. The same amount will be received by the U.S. Department of Defense to resupply the U.S. Army and buy weapons for the Armed Forces of Ukraine.
The remaining $2.7 billion will also go to the Pentagon. This money will be spent by the U.S. Department of Defense on military and intelligence assistance to Ukraine.
Source: Bloomberg
Image: The New Yorker