The planned spin-off next summer of Exelis’ [XLS] government and military services business will provide the new public entity with the autonomy to flexibly deploy its capital in much the same way Exelis did when it separated from ITT Corp. [ITT] two years ago, Exelis’ top executive said Thursday. “They’ll be able to allocate capital in a way that is particularly suited for their business,” David Melcher, president and CEO of Exelis, said on an investor call to outline the…