Lockheed Martin Corp.'s (LMT) new F-35 fighter jet could be delayed by as long as three years, with development costs soaring by as much as $5 billion, Reuters reported.

The Pentagon has estimated the cost of the F-35 program could top $380 billion, its most expensive weapons program ever. The program was restructured earlier this year, adding 13 months to the development phase.

The new delays are because of problems with software development for the plane and technical problems with the short takeoff and landing Marine Corps version of the new plane, Reuters reported without naming its sources.

The Marine Corps version of the plane would need an extra two or three years of development.

Increase your money and finance knowledge from home

Understanding Stock Market Indexes

What does it mean when people say "the market is up 2%"?

View Course »

What Is Your Risk Tolerance?

Answer the question "What type of investor am I?".

View Course »

Add a Comment

*0 / 3000 Character Maximum

16 Comments

Filter by:
robertpoole66

we need people in washington to help grandparents to get costudy of grandkids.theres to meny kids being abuse and negelected.i've seen meny kids being beat by there parents and babysitters i don't know the law allowes this.drug dealers babysit kids like the one in buffalo were by the mother left her six year old girl with her boyfriend who was on crack he beat her to death.this is one theres others who were in the same boat.we need better laws to protect kids better give grandparents the right to go for costudy and stop this anti family ruling in the courts by judges who think they have the right to make laws on the bench.come on people lets stand up for kids and show how we care about kids.

November 02 2010 at 4:58 PM Report abuse rate up rate down Reply
c2645

Just think of the cost overruns as stimulus money and all the liberals will be cheering in the aisles. Spend, spend, spend - that's their policy!

November 02 2010 at 4:58 PM Report abuse rate up rate down Reply
flyingfortresb17

We don't need a new figther interceptor. Just use the type we have now. update the older planes. Get the airforce to buy 20 C17 liftmaster aircraft and update the older models to that standard. THere is no need to have one version for the Navy, Marines and Airforce. The need to make sure the one used in the navy is the same one without the arresting tail hook applied for the airforce. If the Iarforce doesn't like it the Secretary Armed forces can fire the generals and replace them with those that follow orders. We also need Military (pentagon) Generals to really tell the president the truth.

November 02 2010 at 4:54 PM Report abuse -1 rate up rate down Reply
1 reply to flyingfortresb17's comment
c2645

Simple minds offer simple solutions.

November 02 2010 at 4:59 PM Report abuse rate up rate down Reply
tmlbtb

The Republikans are looking to cut costs, start here. Let's see if they put our money where their big mouth is.

November 02 2010 at 2:55 PM Report abuse +1 rate up rate down Reply
firstad

What could possibly have caused a three year delay and billions more in costs? At one point there were going to be two different engines. When three different armed forces all give different design and performance specs to a government contract, you get nothing but giant bills to pay. When are the Joint Chiefs going to learn a joint strike aircraft is a really bad idea?

November 02 2010 at 2:49 PM Report abuse +2 rate up rate down Reply
trmnatr2

Another massive waste of taxpayer money.Why do we need these?380 billion for the jets and 500 billion to keep up maintenance on them.The price of false freedom just went up again.

November 02 2010 at 2:41 PM Report abuse +1 rate up rate down Reply
tspellissy

Nothing better than a cost plus contract for the defense contractor.

November 02 2010 at 2:36 PM Report abuse +3 rate up rate down Reply
hinehn1

why didnt they continue buildsing the f 16 seems like the badest mf evewr to come down the pike the f 4 was another f 15 or f 14

November 02 2010 at 1:25 PM Report abuse rate up rate down Reply
sqrpi

F-35 Lightning is the baddest MF to rule the skies...ONLY if powered by General Electric F-136 engines. Pratt and Whitney powerplants blow big chunks of JP8 vomit!!!

November 02 2010 at 12:31 PM Report abuse rate up rate down Reply
1 reply to sqrpi's comment
khscor1

The F-136 G.E engines is worst engine ever built it has problems that can cause this plane to crash

November 02 2010 at 12:54 PM Report abuse rate up rate down Reply
coledude

This was brought to their attention in 2007 by Sylvester Davis, he was the former software lead and software product manager for the F-35 flight control application at Lockheed Martin, Lockheed's reply? "We do not find merit to any claims raised in the complaint by Mr. Davis. Their solution? Fire him... that cost us about 1 billion (really 1 billion) in development costs because as usual they stuck their head in the sand..

November 02 2010 at 11:56 AM Report abuse +2 rate up rate down Reply