Obama Signs $625.1B Defense Spending Bill into Law (NOC) (LMT) (GD)
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Defense stocks are on watch Thursday as President Barack Obama signed a new defense bill into law.
Today, Obama signed H.R. 3304, which sets military policy and spending ceilings for fiscal 2014. The Pentagon gets a $527 billion ceiling plus $81 billion for overseas operations. Those additional funds must still be approved by appropriations committees.
Under the bill, the Pentagon is approved to purchase 29 Lockheed Martin (NYSE: LMT) F-35 fighter jets, spend $90 million on upgrades for General Dynamics (NYSE: GD) M1A2 tanks, and $1.3 billion on Northrop Grumman's (NYSE: NOC) E-2D Advanced Hawkeye surveillance plane.
Today, Obama signed H.R. 3304, which sets military policy and spending ceilings for fiscal 2014. The Pentagon gets a $527 billion ceiling plus $81 billion for overseas operations. Those additional funds must still be approved by appropriations committees.
Under the bill, the Pentagon is approved to purchase 29 Lockheed Martin (NYSE: LMT) F-35 fighter jets, spend $90 million on upgrades for General Dynamics (NYSE: GD) M1A2 tanks, and $1.3 billion on Northrop Grumman's (NYSE: NOC) E-2D Advanced Hawkeye surveillance plane.
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