Jump to content

Pentagon's weapon spending surges to $1.6 trillion in 2007

Carlos the Jackal

Recommended Posts

Pentagon's weapon spending surges to $1.6 trillion in 2007


The U.S. Defense Department's spending on weapon systems has surged to 1.6 trillion dollars in 2007, doubling from 790 billion dollars in 2000, said a congressional report released on Tuesday.


According to the report by the Government Accountability Office(GAO), the acquisition costs were 26 percent higher than the original estimates in 2007, and the spending on research and development were 40 percent over the budget.


Despite the higher-than-budget cost, about 72 programs were still falling behind schedule by averagely 21 months, including fighter jets, combat ships and satellites, the sixth annual report on the Pentagon's weapon programs.


However, the Defense Department, whose personnel and budgets have been strained by the Iraq war and Afghanistan war, still plans to invest about 900 million dollars over the next five years in weapon systems' development and procurement, it added.


Gene Dodaro, the GAO's acting comptroller general, accused the defense budgets "spent inefficiently in developing and procuring weapon systems" of compromising "many other internal and external budget priorities."


"These inefficiencies also often result in the delivery of less capability than initially planned, either in the form of fewer quantities or delayed delivery to the warfighter," he said.


In response, the Pentagon said in a statement that the department would make an informed comment after reading the report.


Found this on cool news web site http://www.informationclearinghouse.info/

Link to comment
Share on other sites

Just found this story today. Can you say CORUPTION


US Lawmakers Have As Much As $196 Million Invested In "Defense" Companies


By The Associated Press


03/04/08 "AP" -- -- WASHINGTON: Members of the U.S.Congress have as much as $196 million (126.2 million) collectively invested in companies doing business with the Defense Department, earning millions since the start of the Iraq war, according to a new study by a nonpartisan research group.


The review of lawmakers' 2006 financial disclosure statements, by the Washington-based Center for Responsive Politics, suggests that members' holdings could pose a conflict of interest as they decide the fate of Iraq war spending. Several members who earned the most from defense contractors have plum committee or leadership assignments, including Democratic Sen. John Kerry, independent Sen. Joseph Lieberman and House Republican Whip Roy Blunt.


The study found that more Republicans than Democrats hold stock in defense companies, but that the Democrats who are invested had significantly more money at stake. In 2006, for example, Democrats held at least $3.7 million (€2.3 million) in military-related investments, compared to Republican investments of $577,500 (€372,000).


Overall, 151 members hold investments worth $78.7 million (€50.6 million) to $195.5 million (€125.9 million) in companies that receive defense contracts that are worth at least $5 million (€3.2 million). These investments earned them anywhere between $15.8 million (€10.1 million) and $62 million (€39.9 million) between 2004 and 2006, the center concludes.


It is unclear how many members still hold these investments and exactly how much money has been made. Disclosure reports for 2007 are not due until this May. Also, members are required to report only a general range of their holdings.


According to the report, presidential hopefuls Barack Obama and John McCain did not report any defense-related holdings on their filings; Hillary Rodham Clinton did note holdings in such companies as Honeywell, Boeing and Raytheon, but sold the stock in May 2007. All three are members of the Senate.


Not all the companies invested in by lawmakers are typical defense contractors. Corporations such as PepsiCo, IBM, Microsoft and Johnson & Johnson have at one point received defense-related contracts, the report notes.


"So common are these companies, both as personal investments and as defense contractors, it would appear difficult to build a diverse blue-chip stock portfolio without at least some of them," wrote the center's Lindsay Renick Mayer.


Still, earning dividends from companies tied to the military "could be problematic" for members that oversee defense policy and budgeting, Mayer adds.


Kerry, a Democrat, a member of the Senate Foreign Relations Committee, is identified as earning the most at least $2.6 million between 2004 and 2006 from investments worth up to $38.2 million (€24.6 million).


Spokesman David Wade said Kerry, who staunchly opposes the war in Iraq, is one of many beneficiaries of family trusts which he doesn't control. Wade also noted that Kerry does not sit on the Appropriations Committee, which has direct control of the defense budget.


"He has a 24-year Senate record of working and voting in the best interests of our men and women in the military, not of any defense contractors," Wade said.


Lieberman, an independent and chairman of the Senate Homeland Security and Governmental Affairs Committee and a member of the Armed Services Committee, held a considerably smaller share at $51,000 (€32,850).


A spokesman for Blunt, a senior member of House Republican, leadership who held at least $15,000 (€9,660) in Lockheed Martin stock in 2006, said the insinuation that lawmakers' votes might be affected by their portfolios is "offensive."


"I don't pretend to speak for other offices, but I am fairly certain that no member would consider their personal finances when voting on issues as important as sending our men and women in uniform into harms way," said Nick Simpson.


Lieberman and Blunt support continued operations in Iraq

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Upcoming Events

    No upcoming events found
  • Create New...