'We need it': Trump announces plan to raise US military spending to $1.5 trillion next year

Pennsylvania: US President Donald Trump on Wednesday (local time) announced plans to increase US military spending to USD 1.5 trillion next year, saying the investment was necessary to strengthen national defence while creating American jobs.

Speaking at the Pennsylvania Defense and Innovation Summit, Trump said his administration had already made a record investment in the US military.

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"We've invested a record USD 1 trillion in the United States military, and next year, I'm proud to say, and Pete (War Secretary), we have to get moving on this, a USD 1.5 trillion we're going up to. We need it," Trump said.

Trump argued that the increased defence spending would also support domestic employment because the military equipment would be manufactured in the United States.

He said, "It's all made in the USA, so it's not fully a cost, you know it's a cost, we gotta take something, but it's called jobs and when you think of it that way."

The US President also highlighted his previous military investments, saying, "I built the military in my first term, and I used it in my second term."

Referring to military action involving Venezuela, Trump said, "As you know, Venezuela was, that was actually 48 minutes, but let's call it one day, and we've paid for the cost of that war 50 times over, more than 50 times over already."

Here, Trump was referring to a January 2026 US military operation that ousted and captured Venezuelan President Nicolas Maduro. Trump claimed the operation took "exactly 48 minutes" to win and that seized Venezuelan oil had already paid for the cost of the intervention "more than 50 times over"

Trump's remarks come at a time when there is an ongoing conflict with Iran, related to which there was also a query in the Summit on whether he was giving any deadline before initiating strikes.

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Responding to a query on whether Trump has given Terhan any deadline before he initiates strikes on civilian assets inside the Islamic Republic, Trump said, "I don't like giving deadlines, but they pretty much know--they know the story. They better behave."

Earlier, on Tuesday, Trump, during an interview with Fox News, warned that the United States would start targeting Iranian power plants and bridges "next week" as part of its border strikes on the Islamic Republic, unless Tehran returns to the negotiating table.

He further cautioned that Iran would not "have anybody left" if it failed to reach a deal with Washington.

"We're going to hit them very hard tomorrow night. We're going to hit them very hard the night after, and then next week it gets really bad for them, because next week comes the power plants. Next week comes the bridges. We're going to knock out all their power plants. We're going to knock out all their bridges unless they get to the table and negotiate," Trump told Fox News.