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Budget Compromise Cuts $2.16 Billion From F-35 Spending In 2
Budget Compromise Cuts $2.16 Billion From F-35 Spending In 2
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Budget Compromise Cuts $2.16 Billion From F-35 Spending In 2
The budget compromise agreed to last Friday cuts $2.16 billion in 2011 spending from Lockheed Martin’s (NYSE:LMT) F-35 Joint Strike Fighter program.The cuts are part of the $670.8 billion Defense Department appropriations bill, which is $18.1 billion below the Pentagon's original request for the government's fiscal year ending September 30th.The House and Senate are expected to vote on the bill by this Friday, April 15th, as part of the plan to avoid a government shutdown.A one-week stopgap extension was passed last Friday after the two parties reached an agreement for the full year budget, with the expectation that the 2011 spending agreement would be passed this week.Congress cited production and testing delays as the reason for the cuts, and reduced orders this year for the fighter jet by 7.The U.S. government still intends to buy about 2,400 of the aircraft for over $350 billion, making it the most expensive defense program ever.
Channel: Voxant Newsroom
Category: Business
Video Length: 0
Date Found: April 12, 2011
Date Produced: April 12, 2011
View Count: 1
 
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