Reducing the F-35 jet order from 83 to 70 cuts $1.6 billion in spending.
President Joe Biden is looking to reduce the number of F-35 jets the Pentagon purchases from Lockheed Martin in 2025. The president wants to change the order from 83 new jets to 70, which would reduce Pentagon spending by $1.6 billion. This is one of the largest defense budget cuts President Biden’s administration is looking to make in order to reduce next year’s defense spending by $30 billion.
Lockheed Martin earns about a quarter of its annual revenue from building F-35 jets. After reports about the president’s plans became public, the company’s shares fell by 2.6 percent. The company stated they “look forward to working with the Biden administration and Congress” on the 2025 fiscal year budget in the months ahead.
As the Lord Leads, Pray with Us…
- For the president and his budget advisors as they seek ways to reduce government spending.
- For leaders in the Pentagon as they assess the defense equipment needs of the nation.
Sources: Reuters
