Congress Passes Big Vet COLA: Lawmakers have approved a measure that would provide the largest Cost of Living Adjustment to veterans since 1991, says Sen. Larry Craig (R-Idaho), chairman of the Senate Committee on Veterans’ Affairs. The boost would be 4.1 percent. If President Bush signs the measure, veterans will see the increase in their January paychecks. The legislation benefits nearly 2.6 million veterans with service-connected disabilities.
The Pentagon announced new long-term agreements with four defense companies May 13 to develop and produce large numbers of low-cost cruise missiles. And while the effort will focus mostly on the Army to start, it pairs with Air Force efforts to find more affordable munitions.