The U.S. national defense budget for fiscal year 2022 totaled $777.7 billion and expires at the end of September. President Joe Biden has submitted a fiscal 2023 Pentagon budget totaling $773 billion and a total national defense budget of $813 billion. The House passed its version of the National Defense Authorization Act (NDAA) in July, appropriating $838 billion for the nation’s defense needs. The Senate Armed Services Committee in June approved a proposed budget of $817 billion, but the full Senate has yet to vote on the NDAA.
Virtually no one expects the NDAA to be passed by Congress and signed by the president by the October 1 start date of the 2023 fiscal year. But that does not mean that all’s quiet on the defense front.
On Monday, analysts at RBC Capital Markets initiated coverage of five top defense contractors, identifying three as top performers in the sector. The five firms added to RBC’s coverage are…
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