🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

U.S. Senate approves Biden pick for Pentagon's chief weapons buyer

Published 04/07/2022, 05:42 PM
Updated 04/07/2022, 06:05 PM
© Reuters.

By David Shepardson

WASHINGTON (Reuters) -The U.S. Senate on Thursday confirmed President Joe Biden's pick to be the Pentagon's chief weapons buyer, a former official for defense acquisition in the administration of President Barack Obama.

Bill LaPlante, who was head of Charles Stark Draper Laboratories Inc, was approved by voice vote to be the next undersecretary of acquisition and sustainment at the Department of Defense.

Last month, Biden sought a record peacetime national defense budget of $813 billion, including the largest research and development budget in history.

At the same time, the budget slows the Defense Department's purchasing of the stealthy F-35 fighter jet, the Pentagon's largest weapons program, after Air Force leaders complained that technological improvements to the jet's hardware were too slow.

Among the top priorities for this budget are shipbuilding, developing capabilities in space, missile warning and modernizing the nuclear "triad" of ballistic missile submarines, bombers and land-based missiles.

Only 61 F-35 jets made by Lockheed Martin Corp (NYSE:LMT) were requested by the Pentagon, down from a request of 85 last year, though experts believe Congress will increase that figure during the budget process.

The budget would benefit the biggest U.S. defense contractors including Lockheed, Raytheon Technologies (NYSE:RTX) Corp, Northrop Grumman Corp (NYSE:NOC) and General Dynamics Corp (NYSE:GD).

The 2023 fiscal budget, which starts on Oct. 1, boasts the Pentagon's largest research and development budget ever, with $130 billion earmarked to develop new weaponry like hypersonic missiles to fight any potential future wars against China and Russia.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.