"Peanuts compared to the value of doing it," Trump said of the cost. "We have the greatest missiles in the world. We have the greatest submarines in the world. We have the greatest army tanks in the world. We have the greatest weapons in the world. And we're going to celebrate it."

The event, which will also mark the Army's 250th birthday, is expected to include 6,600 soldiers, an Army spokesman said.

Defense officials familiar with the planning said it is also expected to feature more than 50 aircraft and 150 military vehicles, which could include wheeled vehicles such as Humvees and trucks, and so-called tracked vehicles, like tanks.

The military parade is just one of several events Trump said he intends to host this year to mark America's wartime achievements."

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"You know, if you look at Russia, they celebrate Victory Day," he had previously noted.

"I think you can have two days," Trump said.

"This doesn't mean we're going to go and not work and have a national holiday and all of that, because we don't have many of those days left. You know, eventually our country will become all national holidays."