Obama Administration’s Budget calls for billions of dollars in new spending for drones

Jason Leopold, Truthout, Report, Feb 2, 2010

(Image: Jared Rodriguez / t r u t h o u t; Adapted: deltaMike, BloodInOurWells)

This is how major US defense contractors reacted to the Obama administration’s unveiling of its fiscal year 2011 spending plan for the Pentagon, part of the president’s overall $3.8 trillion budget proposal.

Shares of General Dynamics, a maker of military aircraft, submarines and munitions, rose 3.9 percent and closed at $69.43 in trading on the New York Stock Exchange, the uptick due in large part to additional spending on the war in Afghanistan, according to Sanford Bernstein, a financial research firm.

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Tags: General Dynamics, Harris Corp, Northrop Grumman Corp., Obama's budget proposal, Predator and Reaper drones, Raytheon Co., reaction of US defense contractors, Wars in Iraq and Afghanistan