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GAO: Cost of DoD Weapons Portfolio Drops to 10-Year Low

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PentagonA Government Accountability Office report has found the size and cost of major weapons acquisition programs at the U.S. Defense Department fell to their lowest level in roughly 10 years in fiscal 2014.

DoD cut the number of its defense procurement programs from 80 in FY 2013 to 78 last fiscal year and saw its FY 2014 portfolio’s overall cost drop by approximately $7.6 billion, GAO said Thursday.

GAO analysts attributed the U.S. military portfolio cost’s decline to a decrease in weapon quantities of two programs.

Forty-one weapon programs in the current DoD portfolio have lost purchasing power over the past year, which cost the department an extra $5.3 billion, the report states.

GAO also found the average time for weapons to achieve initial operating capability increased by one month.

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