September 1, 2015

Air Force Shrugs Off $25 Billion Accounting Error

Air Force leaders didn’t seem fazed recently when lawmakers pointed out that the service completely miscalculated the cost of its secretive Long-Range Strike Bomber program to the tune of $27 billion.

In 2014, Air Force leadership estimated that the bomber, likely to be labeled the B-3, would cost approximately $33.1 billion from 2015 to 2024. That estimate was totally wrong. This year, the new figure, for fiscal years 2016 to 2026, jumped to $58.2 billion. That’s an increase of 76 percent.

But in fact, the real cost for both fiscal periods, the Air Force noted, is $41.7 billion.

“There has been no change in the costing factors over the last two years … it was a mistake. It was a regrettable mistake,” Air Force Secretary Deborah Lee James said, according to Fiscal Times.

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