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White House says it is nearly out of money to help Ukraine fight war with Russia

Renton Campoy by Renton Campoy
August 13, 2024
in Economic, Financial news
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White House says it is nearly out of money to help Ukraine fight war with Russia
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White House says it is nearly out of money to help Ukraine fight war with Russia
© Reuters. A view shows a heavily damaged residential building, amid Russia’s attack on Ukraine, in the town of Avdiivka, Donetsk region, Ukraine October 17, 2023. REUTERS/Yevhen Titov

WASHINGTON (Reuters) – White House budget director Shalanda Young warned in a letter to Republican House Speaker Mike Johnson and other congressional leaders on Monday that the United States was running out of time and money to help Ukraine fight its war with Russia.

President Joe Biden’s administration in October asked Congress for nearly $106 billion to fund ambitious plans for Ukraine, Israel and U.S. border security.

Republicans control the House of Representatives with a slim majority, and funding for Ukraine has become politically controversial with some right-leaning lawmakers.

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Young said in a letter released by the White House that cutting off funding and a flow of weapons to Ukraine would increase the likelihood of Russian victories.

“I want to be clear: without congressional action, by the end of the year we will run out of resources to procure more weapons and equipment for Ukraine and to provide equipment from U.S. military stocks,” she wrote. “There is no magical pot of funding available to meet this moment. We are out of money — and nearly out of time.”

Source: Investing.com

Renton Campoy

Renton Campoy

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