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Air Force

SASC Denies F-35 Fund Shift For Overruns

Julie Samuel

Tuesday, October 18th, 2011

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The Senate Armed Services Committee (SASC) has stymied the Pentagon’s attempt to shift around funds to cover cost overruns with nascent F-35 Joint Strike Fighters built by Lockheed Martin [LMT]. SASC Ranking Member John McCain (R-Ariz.) last July lambasted the Pentagon’s proposal to reprogram $264 million within its coffers to pay added costs for an initial batch of more than two dozen F-35s, which were pegged to cost more than $771 million above projections. That money-shifting request, according to recently released…

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