March 7, 2016—Russia’s new defense budget will be about 5 percent smaller than last year’s, according to Russian news agency RIA, Reuters reported.
That will likely end up being over $2 billion cut from Russia’s roughly $50 billion military budget. For comparison, the US defense budget for 2015 was over $560 billion, 5 percent of which would be about $28 billion. There are no cuts planned by Congress.
The Russian finance ministry had recommended a 10 percent cut after years of buildup which involved crises in Ukraine and Syria. The Russian economy was 3.7 percent smaller in 2015 than in 2014, and 2016 is expected to shrink further, though at a less stark rate of 1 percent.
Last month, a Gallup poll showed 49 percent of Americans believe the US does not have the #1 military in the world.
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