DoD spending growth slows to 3 percent

Monday - 4/11/2011, 2:51pm EDT

The military money machine is slowing down.

New figures show U.S. defense spending grew by just under 3 percent last year. That's compared with more than seven percent on average for most of the decade.

Still, the Stockholm International Peace Research Institute says the U.S. continues to dominate world defense spending - about $700 billion last year. China comes in second, about six times less.

This story is part of Federal News Radio's daily DoD Report. For more defense news, click here.