After bulling through March with strong spending despite the sequester, Pentagon contract awards fell off a cliff in early April. And what little money there was to spread around was often showered upon non-traditional recipients such as Madison Avenue advertising firm Interpublic Group (NYSE:IPG).

So what's really going on over there in Washington today? Is defense spending stalled, or will it rise again? And what does this mean for ultra-low-P/E-bearing stocks like Boeing (NYSE:BA), Lockheed Martin (NYSE:LMT), Northrop Grumman (NYSE:NOC), and General Dynamics (NYSE:GD).

Motley Fool contributor Rich Smith let's you know the score...

Motley Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics, Lockheed Martin, and Northrop Grumman. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.