19 May '17, 8am

Trump budget to cut Foreign Military Financing, with loan option looming

WASHINGTON — The U.S. State Department is expected to take a significant cut in Foreign Military Financing under the Trump administration’s fiscal 2018 budget request, but Congress has quietly introduced legislation that could slow a planned move to switch some funding to a loan program. If congressional action does not reverse the current course, several countries with smaller defense budgets that traditionally rely on U.S. military aid to procure American-made defense equipment will see their funding diminished, if not cut outright. Foreign Military Financing has largely taken the role of a grant given to U.S. allies to allow them to buy defense equipment. With the exception of Israel, all countries that receive FMF have to spend it on goods made in the United States, a boost for the domestic defense industry. Of the $5.7 billion request for FMF for 2017, $3.1 billion wa...

Full article: http://www.defensenews.com/articles/trump-budget-to-cut-f...

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