Navy needs to find $40 billion in savings to pay for more ships, readiness gaps

Navy needs to find $40 billion in savings to pay for more ships, readiness gaps

by Caitlin M. Kenney
Stars and Stripes

WASHINGTON— The Navy needs to find at least $40 billion in savings by 2026 in order to fund more ships to keep up with the demand on their fleet, the service’s acting secretary said.

The service is facing significant challenges to meet mandates set by Congress and the Defense Department to increase its number of ships and start paying for the new Columbia-class nuclear ballistic missile submarine program that will continue for 40 years, all while having to dig themselves out of readiness gaps due to increased operational use in recent the years and sequestration.

The acting Navy Secretary Thomas Modly announced Tuesday in a memorandum that he had started a department-wide “Stem-to-Stern” review to find $40 billion in savings -- or about $8 billion annually -- in the fiscal years 2022 to 2026.

Read more at: https://www.stripes.com/-1.619353

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