Comparatively, Trump's defense budget in real terms is slightly smaller than Biden's final defense budget, representing a constraint imposed by the fiscal crisis ($1.9 trillion deficit, $37 trillion debt, $1.1 trillion trade deficit inherited).
factualpending
Speaker
Neil FergusonEvidence Quote
“The Trump administration's first defense budget is actually in real terms a little bit smaller than Biden's last defense budget.”
Source
Niall Ferguson, Victor Davis Hanson and Stephen Kotkin: Three Historians Debate The Era of Trump— Hoover InstitutionCreated: 8/11/2026, 7:30:05 AM
My Notes
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