On Wednesday, newly installed Secretary of Defense Pete Hegseth reportedly told the Pentagon it needs to find $50 billion worth of programs to cut next year. But the cuts won't end there. As CBS reports, the Trump administration intends to keep cutting defense spending at an average rate of 8% per year, over the next five years.

Uncertainty over cuts to military spending have hammered key contractors in recent weeks. The worst-feared scenario doesn’t seem to be happening, though.