Defense Budget Boom
Defense Budget BoomDefense Budget Boom
Monday October 11, 1:50 pm ET
By Brian Gorman
Congress has approved next year's defense bill, and as expected, it's a whopper. The measure, which still has to be approved by the president, authorizes military expenditures of $422 billion, about $20 billion more than the White House originally requested in February.
There's little doubt that there are plenty of goodies in there for defense giants such as Lockheed Martin (NYSE: LMT - News), Northrop Grumman (NYSE: NOC - News), and General Dynamics (NYSE: GD - News). Even Boeing (NYSE: BA - News), which will be blocked by the bill from leasing tanker aircraft to the Air Force, will have a shot to bid on a new tanker supply contract. According to the Department of Defense, the president's original request called for nearly $75 billion in procurement, up about 25% from 2001.
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