US to increase military aid to Israel (yay!)

[picture from Israeli Weapons]

Hakol bedei shamayim! The extra money will sure help Israel defend herself against the bad guys.

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This year, Israel will receive $2.4 billion in military aid from the U.S.
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According to the existing arrangement, most of the grant is meant for procurement from the U.S. industry, and Israel is allowed to spend 26.7 percent of the military assistance in shekel purchases for acquisitions from local defense industries.

Israel asked for a gradual increase in the aid over a 10-year period at the tune of $50 million per year. At the end of the 10 years, Israel will receive $2.9 billion annually in military assistance from the U.S.

Olmert told the president that an announcement on the increase in aid would be an expression of American support for Israel against the growing threats to its existence in the region.

In its announcement, the U.S. reiterated that the increased funds will allow Israel to deal with the new challenges it faces and to ensure a "qualitative military edge."