Trump signs $700B defense budget into law

The provisions in the 2018 NDAA includes measures like the establishment of a new U.S. Space Corps as a separate military service within the Department of the Air Force by 2019 and increases the totality of troop strength within each of the branches of the armed forces.

The measure also includes a 2.4 percent pay raise for troops, and special pay for things like combat and hazardous duty and bonus for re-enlistment contracts.

"In recent years, our military has undergone a series of deep budget cuts that have severely impacted our readiness, shrunk our capabilities, and placed substantial burdens on our warfighters," Trump said Tuesday during a signing ceremony that Vice President Mike Pence, Chairman of the Joint Chiefs of Staff Joseph F. Dunford, Secretary of Defense James Mattis, House Armed Services Chairman Rep. Mac Thornberry and other military officials and senior cabinet members.

"This legislation will enhance our readiness, expand and modernize our forces and help provide our service members with the tools they need to fight and win. We will fight and win, but hopefully with this we won't have to fight because people will not be wanting to fight with us," Trump said.

The NDAA, among other things, enables the Pentagon to procure 90 Lockheed Martin F-35 fighter jets and 14 Navy ships from defense contractor Huntington Ingalls, in addition to authorizing $12.3 billion for missile defense.

Moreover, the NDAA calls for reform of the Defense Department's acquisition process and requires service contracts be submitted through the Pentagon's budget process in order to determine actual needs and spending patterns within the branches of the U.S. military.