Lockheed Martin Corp.‘s fighter jets and General Dynamics‘ Virginia-class submarine have secured $8.4 billion and $5.4 billion, respectively, in President Barack Obama’s 2014 budget plan, the Washington Business Journal reports.
The U.S. President earmarked $166.8 billion of the $526.6 billion budget proposal for weapons development and procurement, which extends funding for Lockheed’s F-35 Joint Strike Fighter program and General Dynamics’s Virginia-class submarine, Jill Aitoro writes.
According to the Defense Department, the budget proposal aims to minimize deficit by allowing the Congress to write off reductions caused by sequestration.
The Pentagon said austerity measures implemented in 2013, including cutbacks on training, equipment and facility maintenance, as well as on energy conservation investments have altered the 2014 proposal.
The budget proposal further allocates $653 million for advanced extremely high frequency satellites, support for the C-130 airlift aircraft, the F-15 and F-16 fighter aircraft and the B-2 bomber.
Aside from weapons funding, the budget is meant to reform the procurement processes in the government.