Washington (CNN) The Senate passed the National Defense Authorization Act for fiscal year 2018 by a voice vote on Thursday, sending the nearly $700 billion defense policy bill to President Donald Trump's desk for his signature.

A bipartisan compromise that was passed by the House on Tuesday after a series of congressional negotiations, the annual bill would authorize nearly approximately $626.4 billion in base budget authority and roughly $65.7 billion for Overseas Contingency Operations.

"I am proud that the Senate has passed the conference report for the National Defense Authorization Act, which will provide our Armed Forces with the resources, training, and equipment they need to keep us safe," Chairman of the Senate Armed Services Committee Sen. John McCain said in a statement on Thursday.

This year's bill authorizes a major hike in military spending and exceeds the $54 billion defense budget increase requested by President Donald Trump for 2018 that aimed for more aircraft and ships.

It fully authorizes a pay increase for service members, increased missile defense, and adds additional ships and aircraft.

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