THE DAILY FED
Clinton Signs Military Raise
President Clinton signed the $257 billion defense spending bill yesterday guaranteeing that military personnel will receive a 3 percent pay raise next year.
Service members will also receive a 4.6 percent increase in the allowance for off-base living quarters.
"Our servicemen and women go the extra mile, and we, in turn, should do the same for them," said Clinton. "This bill does that by paying for improvements in family and troop housing, along with the new starts in military construction projects. It provides a pay raise of three percent, nearly one percent more than the law now provides. Our troops have more than earned that."
The bill includes $11.2 billion more in overall defense spending than Clinton requested in his budget submission earlier this year.