defense department

President Obama's proposed spending plan seeks to slash $1.1 trillion from the deficit over the next decade. Republican House Speaker John Boehner says that's too little. In this case, both Obama and Boehner are wrong. The nation doesn't need to spend less. It needs to spend more -- a lot more.

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...

The U.S. plans to sell advanced F-15 fighter jets to Saudi Arabia in a $30 billion, 10-year arms package. The 84 Boeing Co. (BA) F-15s could help the Saudis deal with skirmishes with Yemeni rebels on the country's southern border, The Wall Street Journal said. The planes will have onboard...

Defense contractor Lockheed Martin posted higher fourth-quarter earnings that exceeded expectations, boosted by sales of its fighter jets and satellite systems. The earnings per share results, however, were boosted by a share buyback.

The Iraq war is getting too expensive, according to Defense Department auditors, and KBR is part of the problem. The contractor faces close to $200 million in penalties for keeping too many bodies on its payroll in Iraq, and it is being pressured to cut back. For six years, KBR has increased its...