According to a report obtained by Newsmax, gun stocks in the United States were dangerously low.
President Joe Biden used the cuts, which allow the president to remove existing weapons, ammunition and materials from existing US military stockpiles to help other countries, to help Ukraine in its war against Russia.
A report from Bank of America Securities, obtained by Newsmax’s Logan Rathick, says the presidential cuts have reduced the U.S. gun stockpile to levels not seen in decades.
The report said the U.S. has allocated nearly $8.4 billion in presidential earmarks — more than half of the $16.2 billion in total security assistance — since Russian President Vladimir Putin launched his unprovoked attack on February 24.
“As the U.S. continues to provide security assistance to Ukraine, defense officials are tasked with both meeting new demand across Europe and replenishing U.S. stockpiles depleted by 20 presidential cuts since August 2021,” the report said.
Defense Department officials noted that stockpiles of munitions with multiple land-based systems had declined to levels that would be considered problematic in wartime, the report said.
The updated defense report, which focused on determining which “contractors are poised to benefit” from the cuts, said Raytheon Technologies, Lockheed Martin and General Dynamics were best positioned to strengthen defenses because of “high exposure to legacy ground systems.”
The report also said doubts had previously been cast on some land-based defense programs because of the Defense Department’s shift in focus to the Pacific — with concerns about China — and land-based conflicts in the Middle East.
In fact, Raytheon Technologies has all but stopped production of the High Mobility Artillery Missile Systems (HIMARS) in 2021. However, efforts are now being made to ramp up production of HIMARS.
The Pentagon said contracts worth about $1.2 billion are already being processed for replenishment, particularly for Stinger missiles ($624 million), Javelin missiles ($352 million) and HIMARS systems ($33 million).
On Friday, Biden signed a bill funding the federal government through mid-December and another infusion of military and economic aid to Ukraine.
The law provides for more than 12.3 billion dollars in aid to Ukraine. The money will be used for training, equipment and logistical support of the Ukrainian military, assistance to the government of Ukraine in providing basic services to citizens, and replenishment of American weapons systems and ammunition.
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