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Downed Drone Could Cost Navy Nearly $200 Million

The Navy drone aircraft that crashed in rural Maryland Monday likely will cost the military branch nearly $200 million at a time when the military's budget is shrinking.

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Layoff Threats Put Congress on Notice

Facing economic uncertainty, defense contractors are plotting to spur Congress to nix the automatic budget cuts set to begin next year.

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Bernanke: US is Facing “Fiscal Cliff”

Fears about a looming fiscal crisis at the end of the year are starting to pinch job growth and threatening to undercut the nation’s fragile recovery, a growing number of economists and employers say.

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Sub Fire Could Have Ripple Effects for Navy Fleet

The Navy is evaluating whether it's worth spending millions of dollars to repair the USS Miami, the nuclear-powered submarine damaged in a fire in a Maine shipyard.

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Kelly Ayotte: Reversal on War Funds “Deeply Troubling”

/.../In November, Panetta had said OCO funds would be exempt from sequestration. But Pentagon officials recently came to the opposite conclusion after discussing the issue with OMB, Pentagon spokesman Capt. John Kirby tells us.