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Thursday, June 16, 2011

Raytheon missile program faces $435M funding cut

AIM-120DA key Raytheon missile program is facing major cuts in Congress amid significant production delays.

The House Appropriations Committee passed a $649 billion defense spending bill Tuesday that would slash fiscal 2012 procurement of the latest version of Raytheon's Advanced Medium-Range Air-to-Air Missile (AMRAAM).

Overall, the House committee endorsed reducing President Obama's $530 billion base defense budget by no more than $9 billion, while boosting ground-combat vehicles and special operations programs. The Senate has yet to act on its version of the defense spending bill.

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