The price tag is $80 million more than the original figure.
17 Aug, 2018FORTUNE.COM
Trump’s military parade is now estimated to cost taxpayers $80 million more than the original figure.
The event, intended to honor the nation’s veterans, was originally priced at $12 million, but a Department of Defense official, speaking on the condition of anonymity, told CNBC that the updated cost is now estimated at $92 million. The hefty price tag covers security, transportation of parade assets, and temporary duty for troops.
The November 10 parade will showcase the military’s armored vehicles -- including tanks, which officials previously thought might be too heavy for Washington’s infrastructure to handle -- and aircraft. Fighter jets, air transports, and helicopters will fly overhead, as well as historical planes. Troops will march in period uniforms.
CNBC reports that $50 million for the parade will come from the Pentagon, and the remaining $42 million will come from agency partners like the Department of Homeland Security.
Trump’s administration has already faced a fair amount of criticism for the parade’s price tag, particularly from those who think the money could better honor veterans by helping those who return to the U.S. without the proper resources. According to a 2017 report by the U.S. Department of Housing and Urban Development, more than 40,000 veterans are homeless nationwide.
The last military parade held in the nation’s capital ran in 1991, after the end of the Gulf War. That celebration cost around $8 million, The Washington Post reports, and even then citizens were divided on whether the event was necessary.