U.S. defense spending dropped 6.5 percent last year

The U.S. spends more on its military budget than any other country — but this may not be the case for long.

According to the Stockholm International Peace Research Institute, spending for the U.S. Defense Department remains at historically high levels: The U.S. spent $610 billion on defense in 2014, beating out China, Russia, and Saudi Arabia (combined). But the report showed that U.S. defense spending fell by 6.5 percent in 2014, while China's spending rose by 9.7 percent last year. Saudi Arabia, too, boosted its defense funding to all-time high levels, increasing spending in the defense department by 17 percent.

Asia, the Middle East, Eastern Europe, and Africa all increased their military spending last year, while the Budget Control Act, enacted in 2011, has forced the U.S. to continue to cut defense spending. Spending levels have fallen by nearly 20 percent since 2010.

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