Senate Passes Defense Bill, Restores F-22 Multiyear Buying

Posted on: Jun. 23rd, 2006 || Source: money.aol.com | E-mail Article | Print Article

WASHINGTON -(Dow Jones)- The U.S. Senate on Thursday approved a $518 billion defense authorization bill that will allow a three-year contract for F-22 stealth fighters.

The defense bill passed unanimously. It includes $50 billion in emergency war spending as well as funding for military pay and weapons purchases.

Sen. John McCain, R-Ariz., a senior member of the Senate Armed Services Committee, sought to expressly prohibit a multiyear contract for the Lockheed Martin Corp. (LMT) fighter. But an amendment sponsored by Sen. Saxby Chambliss, R-Ga., passed 70-28 to authorize long-term purchasing.

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