57.3 F
Fort Worth
Saturday, December 5, 2020
How Recent Political Changes Will Impact Your Bottom Line
Government Trump says Lockheed Martin has cut $600 million from F-35 program

Trump says Lockheed Martin has cut $600 million from F-35 program

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

President Donald Trump said Monday that Lockheed Martin has cut $600 million from its next lot of 90 F-35 Joint Strike Fighter planes, capping weeks of private meetings with Lockheed Martin chief executive Marillyn Hewson, and public criticisms of the program’s cost.

He specified that the cost-savings would apply to the company’s next lot of 90 planes, but offered few details on how the program or contract would change as a result. Lockheed Martin did not immediately respond to a request for comment.

“What’s happening with Lockheed, number one we’re cutting the price of their planes by a lot but they’re also expanding and that’s going to be a good thing. Ultimately they’re going to be better off,” Trump told reporters in the Oval Office.

The president’s public back-and-forth with Lockheed began in late December when he took to Twitter to criticize the program for cost overruns. At the time he asked aerospace company Boeing to “price out a comparable F-18 Super Hornet,” suggesting he would substitute Boeing’s cheaper plane for Lockheed’s.

The F-35 Joint Strike Fighter currently costs about $100 million per plane, though the company says it already expects the cost of the plane to drop to $85 million as the company ramps up its volume of production.

Lockheed Martin chief executive Marillyn Hewson said earlier this month that the company was “close to a deal” that would lower the cost of the program, departing a private meeting with the president at Trump Tower. She said the cost of the program would be “significantly lower,” and also pledged to create 1,800 new jobs at a production center in Fort Worth, Texas.

The F-35 program, a $400 billion project to supply advanced jets for the U.S. government and allied countries, has been criticized by politicians on both sides of the aisle over cost overruns and delays. It is the single largest military program.

“There were great delays, about seven years of delays, tremendous cost overruns,” Trump told reporters. “We’ve ended all that, and we’ve got that program really really now in good shape.”

The most recent delay to the program came earlier this month when the Defense Department acknowledged a schedule delay that could increase the cost of the program by another $500 million. The delay drew a rebuke from Sen. John McCain, R-Ariz., chairman of the Senate Committee on Armed Services.

In one of his first actions in office, Defense Secretary James Mattis on Friday ordered a review of the program.


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there đź‘‹
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Federal loans helped more than 400,000 Texas companies retain workers during the pandemic, new data shows

HOUSTON — The most complete picture so far of the federal program designed to keep businesses afloat during the coronavirus pandemic was revealed this...

DeVos suspends student federal loan payments through January

The Trump administration on Friday suspended all federal student loan payments through the end of January and kept interest rates at 0%, extending a...

COVID-19 relief: What’s on the table as Congress seeks deal

WASHINGTON (AP) — After numerous fits and starts and months of inaction, optimism is finally building in Washington for a COVID-19 aid bill that...

Granger reelected as lead Republican on the House Appropriations Committee

U.S. Rep. Kay Granger, R-Fort Worth, has been reelected by members of the House Republican Steering Committee to serve as Lead Republican of the...

Optimism growing for COVID relief bill as pressure builds

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Optimism about delivering long-sought COVID-19 relief is building on Capitol Hill after additional rank-and-file lawmakers voiced support...