The White House announced in a statement on Friday that US President Joe Biden signed the 2023 National Defense Authorization Act (NDAA).

The Act includes an estimated $850 billion spending budget for defense programs and other priority interests.

"Today, I have signed into law H.R. 7776, the 'James M. Inhofe National Defense Authorization Act for Fiscal Year 2023," Biden said in a statement.

Read more: US Senate hastily passes $1.7 trillion omnibus spending bill

The 2023 NDAA would authorize $847.3 billion in national defense spending, including $816.7 billion for the Defense Department and $30.3 billion for national security programs within the Energy Department, along with a range of defense and nondefense policy provisions.

The initiative also involves the allocation of at least $800 million in additional aid to Ukraine, $10 billion to Taiwan, and contains clauses aimed at blocking the gold reserve of Russia, as well as extending the ban on cooperation with Moscow in the military sphere for 5 years.

The Act also makes it essential for the US president to impose sanctions on individuals or entities taking part in any operation or trade that involves Russian Gold.

Read more: GOP must choose battles carefully to avoid army budget menace: WSJ

It further provides a 4.6% pay raise to US military service members and Defense Department civilian employees in a bit to alleviate the cost of living crisis.

The Covid-19 vaccine mandate has likewise been rescinded from the NDAA, marking what Republican lawmakers call a "huge win" against Defense Secretary Lloyd Austin.

A new version of the 2023 National Defense Authorization Act (NDAA) was passed on Friday by the US Senate- a staggering increase considering that last year that amount was $768 billion.

The voting turnout was 83-11 and received both bipartisan support and opposition. It will now proceed to US President Joe Biden's office to be signed into law.