President Trump signed his sweeping tax cut and spending package—dubbed the "Big, Beautiful Bill"—into law during a Fourth of July celebration on Friday. Low-flying B-2 stealth bombers and next-gen fighter jets streaked across the skies above the White House to mark the event. Trump's BBB delivers a significant boost to defense spending, providing yet another tailwind for our accelerating Hemispheric Defense investment theme.

White House B-2 bomber flyover. #4thofJuly #July4th pic.twitter.com/aFcSxASKpM

— CSPAN (@cspan) July 4, 2025

A team of Goldman analysts, led by Noah Poponak, told clients on Monday that, with the BBB now signed into law, Title II of the Act (Committee on Armed Services) will soon initiate appropriations totaling $156.2 billion for national defense.