Great news for the F-22!

Senate Passes Defense Bill, Restores F-22 Multiyear Buying
The U.S. Senate on Thursday approved a $518 billion defense authorization bill that will allow a three-year contract for F-22 stealth fighters.

The defense bill passed unanimously. It includes $50 billion in emergency war spending as well as funding for military pay and weapons purchases.

Sen. John McCain, R-Ariz., a senior member of the Senate Armed Services Committee, sought to expressly prohibit a multiyear contract for the Lockheed Martin Corp. (LMT) fighter. But an amendment sponsored by Sen. Saxby Chambliss, R-Ga., passed 70-28 to authorize long-term purchasing.

The measure "will save almost a quarter of a billion dollars by allowing the Defense Department and the contractor to conduct business better, faster and cheaper, and that is good government," said Chambliss, who represents the jet's manufacturing site. Opponents of the bulk purchase argued that the bulk buy would limit congressional oversight without bringing big savings.

The House of Representatives also passed a 2007 defense bill. The legislation will need to be reconciled in conference before it can be signed by the president and then become law.