From Reuters:WASHINGTON (Reuters) - Nearly 70 percent of the Pentagon's 96 major weapons-buying programs were over budget in 2008 for combined cost growth of $296 billion above original estimates, congressional auditors said in an annual report released on Monday.
The total estimated development cost for 10 of the largest acquisition programs, commanding about half the overall arms- purchasing dollars in the portfolio, has shot up 32 percent from initial estimates, from about $134 billion to more than $177 billion, the Government Accountability Office said.
The two largest programs -- Lockheed Martin Corp's F-35 Joint Strike Fighter aircraft and the Boeing Co-led Future Combat Systems Army modernization -- "still represent significant cost risk moving forward" and will dominate the portfolio for years, the survey said.
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More News On Budget Over Spending
Weapons programs over budget, behind schedule: audit -- AFP
GAO: Weapons programs remain far over budget -- AP
Harvard defense expert aims to fight Pentagon cost overruns -- Reuters
Obama's Pick for Weapons Czar Will Target Cost Overruns -- Wall Street Journal
Pick to Oversee Pentagon Acquisitions Targets Costly Weapons Programs -- Washington Post
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