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...