The budget ax that hangs over every U.S. planemaker fell with swift and painful force. In the first big cutback of the current economy drive, the Air Force last week issued a curt announcement that North American Aviation's rocket-and-ram-jet Navaho intercontinental guided missile was being washed out of the U.S. defense program. Down the drain went a project that has taken eleven years and between $500 million and $700 million to bring the Navaho within a few weeks of full-scale test flight. With it went the promise of another $1 billion in...
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