US Navy plans to boost submarine spending to $5 billion by 2024

US Navy plans to boost submarine spending to $5 billion by 2024
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The U.S. Navy plans to increase yearly spending on its nuclear submarine program by $5 billion by 2024, according to a report sent to Congress by the Pentagon.

Bloomberg News reported Tuesday that the Navy plans to boost funding for the program by $2 billion in fiscal 2021, and increase the funding surge by $5 billion by 2024, according to the Navy's Selected Acquisition Report sent to Congress last month.

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The current level of funding for the program sits at $2.3 billion in the 2020 budget, according to Bloomberg.

The funding surge is part of a program initially begun under former President Obama and accelerated under the Trump administration to modernize and grow the size of the U.S. nuclear submarine fleet, retiring old Ohio-class submarines that entered production in the 1970s and replacing them with new Columbia-class submarines.

Numbers for the program's funding could be set to change, however, the Government Accountability Office said last month that the Navy's cost estimates for its submarine program are “not accurate because it relies on overly optimistic” labor estimates.

The Pentagon's Office of Inspector General announced last month that the sub program would be audited to “determine whether the Navy is managing the development” of the system to “ensure that it meets performance requirements without cost increases or schedule overruns,” the office wrote in its fiscal 2019 plan. The audit is expected to be completed next year.