The Approps Drop
Tracking the legislative battles, political dynamics and funding decisions that shape how the federal government allocates taxpayer dollars across agencies, programs and priorities.
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The Approps Drop
The Trump administration’s Fiscal Year (FY) 2027 defense budget request represents a historic high watermark and a significant increase from the FY 2026 defense funding level enacted into law—both in raw dollars and in structure. Clients with defense equities should understand both the numbers and the funding mechanics, both of which carry significant implications for authorization (National Defense Authorization Act (NDAA)), appropriations (discretionary federal funding) and the potential for a defense reconciliation process (mandatory spending).
