US Senate Passes $858B In Annual Defense Spending, Higher Than Proposed By President Biden - Lockheed Martin (NYSE:LMT)

The U.S. Senate passed legislation authorizing a massive $858 billion annual defense spending, which is $45 billion more than U.S. president Joe Biden proposed.
It includes $10 billion in security aid for Taiwan and $800 million for Ukraine.
It allocates $6 billion for the European Deterrence Initiative, a program started in 2014 after Russia's annexation of Crimea to increase the readiness of U.S. forces in Europe to deter further aggression.
In addition, it authorizes $211 billion for personnel & health, $19 billion for military construction, and $30 billion for defense-related nuclear programs.
The bill also authorizes more funds to develop hypersonic weapons and purchase weapons systems, including Lockheed Martin Corp's LMT F-35 fighter jets and ships from General Dynamics Corporation GD.
Senators supported the National Defense Authorization Act setting policy for the Pentagon by an overwhelming 83-11 bipartisan majority.
The Senate passage comes a week after the House passed the bill, which lays out how the Department of Defense allocates funds toward weapons programs and provides a 4.6% raise in service members' salaries.