US Military Running Low on High-Tech Bombs for ISIS

The Pentagon is asking for $7.5 billion in order to ramp up the fight againist ISIS.

Defense Secretary Ash Carter said the request comes because the U.S military has struck the Islamic State with so many expensive precision-guided bombs and they're starting to run low. He said nearly $2 billion is needed to buy 45,000 new high-tech bombs.

Carter also discussed proposals to boost spending on cutting-edge technologies and efforts to deal with longer-term threats.

Meanwhile, Carter also said the defense budget for next year needs to quadruple spending on troops and training in Europe.  He said the United States was taking a "strong and balanced approach" to deterring its former Cold War foe, Russia.

The Obama administration wants $3.4 billion to ramp up its response to Russian aggression in Ukraine. Obama warned that Russia had taken an "aggresive posture" near NATO countries.

Obama said its a "challenging and important time" for the alliance, whose members in Europe are increasingly concerned about Russia's intentions after its incursions in Ukraine.

"We haven't had to worry about this for 25 years, and while I wish it were otherwise, now we do," Carter said in a speech to the Economic Club of Washington.