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On a test flight over Maryland last week, the Pentagon's F-35 jet fighter landed vertically for the first time - like a helicopter - as it was vaunted to do. But at just about the same time, its price tag was climbing in the other direction. A Swiss Army knife...

Author: /time Magazine | Title: The Costly F-35: The Saga of America's Next Fighter Jet | 3/25/2010 | See Source »

While the nation was preoccupied waging two wars, the F-35 was lurking in the background, devouring dollars like there was no tomorrow. New data suggest that the program - the most costly in Pentagon history after the even more expensive F-22 fighter, which Gates killed - has been out of...

Author: /time Magazine | Title: The Costly F-35: The Saga of America's Next Fighter Jet | 3/25/2010 | See Source »

It's a strange predicament for the modest jet that was supposed to be the cheap end of the military's high-low warplane mix of F-22s and F-35s. The Pentagon launched the F-35 Lightning II program a month after 9/11. Over the past eight years, the...

Author: /time Magazine | Title: The Costly F-35: The Saga of America's Next Fighter Jet | 3/25/2010 | See Source »

"In response to what I consider to be unacceptable delays and cost overruns over the past year, this department has taken a number of steps to fundamentally restructure this program," Gates told a House panel on Wednesday. "I have replaced the [F-35] program manager ... while withholding more than $600...

Author: /time Magazine | Title: The Costly F-35: The Saga of America's Next Fighter Jet | 3/25/2010 | See Source »

Just last summer, Gates toured the huge Fort Worth, Texas, factory where the F-35 is coming to life and declared himself satisfied. "My impression is that most of the high-risk elements associated with this developmental program are largely behind us," he said. Cheaper F-35s rolling off the...

Author: /time Magazine | Title: The Costly F-35: The Saga of America's Next Fighter Jet | 3/25/2010 | See Source »

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