Valuation Trends: Val. Trends #933: House authorizers supportive of FY27 defense spending

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Valuation Trends: Val. Trends #933: House authorizers supportive of FY27 defense spending

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Valuation Trends

Val. Trends #933: House authorizers

supportive of FY27 defense spending

Industry Overview

Not many surprises in the FY27 NDAA House markup 08 June 2026

The House Armed Services Committee (HASC) completed its markup of H.R. 8800, the Equity

FY2027 National Defense Authorization Act, on June 5. The bill authorizes approximately Americas

$1.15 trillion for defense programs, nearly $350 billion below President Trump’s $1.5 Aerospace/Defense

trillion request, with the administration pushing to route additional spending through Ronald J. Epstein

budget reconciliation. A full House floor vote is targeted before the July 4 recess. The Research Analyst

Senate Armed Services Committee (SASC) markup is expected this week. House and BofAS+1 646 855 5695

Senate versions will then go to informal conference to reconcile differences before a r.epstein@bofa.com

final bill is sent to the President. Mariana Perez Mora

Research Analyst

BofAS

+1 646 855 5696Authorizers are not policy makers but budgeteers

mariana.perezmora@bofa.com

We remind investors that Authorization is a required step in the budget process, but the

Jordan Lyonnais

Authorizers (HASC and SASC) don’t in fact spend money, they authorize the limits to Research Analyst

which it can be spent and the existence of programs. Appropriators spend money. BofAS

+1 646 855 5204

Budget authorization is like being approved for a credit card, you're allowed to spend up jordan.lyonnais@bofa.com

to a limit. Appropriation is the actual deposit of money into respective accounts to Alexander Preston

spend. Research Analyst BofAS

+1 646 855 3599