- Defense stocks are higher following reports that Senate leaders are near a deal to raise budget caps by $300B over two years that would increase defense spending.
- In the first year, defense spending reportedly would rise by $80B, with domestic spending increasing by $63B, with defense rising by $85B and domestic by $68B in the second year.
- The deal still could collapse, as it could require Congress to pass a stopgap spending bill for a few weeks while details are worked out for the two-year plan, and House Minority Leader Pelosi says she will not support a deal without a promise for an open debate on immigration reform.
- LMT +2.9%, KTOS +2.8%, TDG +2.7%, BA +2.5%, NOC +2.5%, HRS +2.5%, RTN +2.4%, UTX +2.2%, TXT +2.2%, LLL +2%, GD +1.9%, FLIR +1%, COL +0.8%.
Reports: Senate near two-year budget deal with higher defense spending
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