Business: THE NAVY'S TURN TO SQUIRM

DEFENSE contractors have long been under fire for the steadily rising costs of their major products, including tanks, helicopters and notably the C-5A jet transport. So far, the suppliers to the U.S. Navy have escaped relatively unscathed. Now, however, the details of shocking cost overruns in the Navy's shipbuilding program are surfacing. In secret testimony before a House subcommittee, to be released before year's end. Navy Secretary John Chafee has estimated that Navy overruns of the past dozen years may have totaled $800 million. Other experts calculate the amount to be closer to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!