U.S. defense budgets are under pressure, with tens of billions of dollars in funding being cut this year -- and hundreds of billions in cuts coming down the pike. If U.S. defense contractors are to survive, and thrive, there's just no alternative. They must find new, growing defense markets outside U.S. borders.

But where should they go to find these growing markets? And which defense companies are making the most progress in opening up these markets? Listen in as Fool contributor Rich Smith lays it all out for you.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics, Lockheed Martin, Northrop Grumman, and Raytheon. 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.