FY27 Budget Update: House Matches Pres Request; Reconciliation Path Unresolved

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FY27 Budget Update: House Matches Pres Request; Reconciliation Path Unresolved

USA | Aerospace & Defense Electronics EquityJuneResearch26, 2026

FY27 Budget Update: House Matches Pres

Request; Reconciliation Path Unresolved

HASC released its FY27 defense bill on Wed w/ discretionary spending of

$1.07TT, matching the President's FY27 request. The Committee flagged

concerns over mandatory funds used in FY26/27 for programs like F-35 and

munitions that were mandatory funds used to backfill base discretionary

requests. $248BB of procurement +11% vs. FY26, w/ Space Force Procurement

(+124%), Navy Aircraft Procurement (+44%), Army Missile Procurement (+43%).

House Appropriations Committee Releases FY27 Defense Bill. The House Appropriators released

their FY27 Defense Bill, w/ total discretionary spending of $1.07TT. Spending levels allocated by

House Appropriators were ~in line with the President's FY27 base budget request of $1.15TT,

with funding for military construction spelled out in a separate bill. The bill also included an

amendment to formalize the renaming of the DoD to the Department of War. Next steps include the

bill going through the full house, Senate markup, and conference. Left unresolved is the status of ~

$350BB of additional defense funding, which the Administration has sought to pass via a separate

Reconciliation bill that contains important funding for key programs, including Missiles/Weapons

Procurement, Golden Dome, and the Space Force.

Base Procurement and R&D Up 8% vs. FY26. The $248BB of procurement in the bill represents

11% growth vs. FY26, with the biggest areas of advancement, including Space Force Procurement

(+124%), Navy Aircraft Procurement (+44%), Army Missile Procurement (+43%), and Navy

Shipbuilding & Conversion (+14%).