The Senate-approved $700 billion defense bill, which passed in an overwhelming 89-8 vote earlier this week, would mean 2.1 percent raises for members of the military -- including Fort Hood soldiers -- if a final version of the legislation is signed into law by President Donald Trump later this year. has devised a pay calculator, which can help you determine what the bill would mean to your family. To utilize the resource, click here.

Back in June, the House called for a 2.4 percent pay hike. The Trump administration has previously advocated on behalf of the slightly lower 2.1 percent Senate version. So, the two houses will need to reach a consensus before a final version is adopted by both the House and Senate.

However, outlets like have correctly pointed out that the Senate version, while giving soldiers raises, could also cut several hundred dollars from their monthly earnings. That's because the Senate legislation limits the amount of Basic Allowance for Housing (BAH) benefits a married military couple with children can receive. Learn more about that caveat by clicking here.

As reported previously, the Senate bill sets aside $8.5 billion to bolster American missile defense systems. If signed into law, the bill would also authorize $10.6 billion for 94 Joint Strike Fighter aircraft -- more planes than the White House even requested.

The legislation would also designate an additional $60 billion in taxpayer money to fund wartime missions in the Middle East.

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The Associated Press contributed to this report.