Defense bill markup today politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.
Shares of
Textron (NYSE:TXT) climbed 14.6% in April, according to data provided by S&P Global Market Intelligence, fueled by a strong first-quarter earnings report. Investors have had a long wait, but it appears the industrial conglomerate has finally turned a corner.
So what
It s been a tough few years for Textron. Prolonged weakness in its Cessna business-jet unit, a sector that has never fully recovered from the 2008 financial crisis, has weighed on results, as have a series of one-time issues in various other units.
Cessna s Citation Longitude. Image source: Textron.
Textron s portfolio is diverse and impressive, including business jets, snowmobiles, car parts, and military equipment. But the company has been struggling to get out of second gear.
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Biden’s Budget
In the absence of news, we’re sticking by our way-too-early predictions of flat defense spending, at best especially with Congress on the verge of passing another coronavirus stimulus package, this one totalling nearly $1 trillion. If Republicans retain control of the Senate, expect lesser cuts. If Democrats take control after two early-January Georgia runoffs, expect deeper cuts as they focus on priorities other than defense.
In the meantime, the Trump administration last week released what it calls the “FY 2022 Fiscal Planning Framework,” a blueprint for what it calls the Pentagon’s top spending priorities. It’s an unusual attempt by a lame-duck administration to shape the next budget, and may become an important reference for congressional Republicans when they review Biden’s fiscal 2022 budget proposal. Typically, an incoming administration sends its first budget plan to lawmakers a few months later than the more typical February delivery. Tha
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