US Secretary of Defense Lloyd Austin has sent a letter, excerpted below, to the following key leaders in the House and Senate:
- Chuck Schumer, Senate Majority Leader (Senate Minority Leader Mitch McConnell was cc’d.)
- Nancy Pelosi, Speaker of the House (House Minority Leader Kevin McCarthy was cc’d.)
- Patrick Leahy, Chairman, Committee on Appropriations, US Senate (Vice Chairman Richard Shelby was cc’d.)
- Rosa DeLauro, Chairwoman, Committee on Appropriations, US House of Representatives (Ranking Member Kay Granger was cc’d.)
In the letter, Austin warns congressional leaders on both sides of the aisle that a delay in passing a budget for 2023 would harm military programs and national security. An excerpt follows (the first paragraph), but we encourage readers to read the letter in its entirety at Politico.
The Department of Defense (DoD) once again faces the threat of an extended continuing resolution (CR) to fund our programs and operations into the new year. It is essential that Congress act now to complete a full-year, whole of government funding bill before the end of 2022. Failure to do so will result in significant harm to our people and our programs and would cause harm to our national security and our competitiveness.
We believe that the lame duck session will fund the defense budget needs and that the Congress will act and not obstruct defense spending.
We remain overweight in aerospace defense in our US Equity ETF portfolio.
David R. Kotok
Chairman & Chief Investment Officer
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