Politico reported on Friday, citing sources from the Pentagon, that US President Joe Biden is preparing to make a proposal for Congress to approve the "largest ever" defense budget in history for the year 2024.

The budget will reportedly be used to replenish US arsenals to support the ongoing fight in Ukraine, Politico states.

The report further states that Biden's administration is nearing the finalization of its 2024 budget request which is set to be released in March, citing Pentagon Comptroller Michael McCord.

"I do expect it will be a bigger number than Congress provided last year," McCord said, adding that the Pentagon will allocate more money into restocking munitions and continue to support Kiev in its conflict with Russia. 

Read more: Biden, McCarthy to discuss debt ceiling, gov't budget amid discord

On January 19, 2023, the US reached a debt ceiling of $31 trillion. 

US Treasury Secretary Janet L. Yellen announced that "extraordinary measures" will be taken to prevent defaulting on debt.

She said that the treasury would temporarily suspend payments that aren't urgent and divert the money for more pressing needs i.e. services needed to keep the government operating.

Yellen warned that if Congress does not address the debt limit soon, the US risks triggering a recession or a global financial crisis.

If Congress fails to raise the limit, the US will automatically default on its payments, obstructing basic US government functions.

On February 2, Biden and House Speaker Kevin McCarthy agreed to extend negotiations on a "responsible" debt ceiling

Read more: Pentagon pushes to resume work of irregular warfare proxies in Ukraine