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Fact of the Week

Fact of the Week

On 10 January, the President signed into law the "Department of Defense and Emergency Supplemental Appropriations for Recovery from and Response to Terrorist Attacks on the United States Act, 2002." Included in that Act was a provision for the Air Force to lease, rather than buy, 100 tanker versions of the Boeing 767 aircraft. Under the terms of the lease, the federal government will pay $20 million per year per plane. But it will also pay $30 to $60 million per plane during construction to convert the plane to military use, then $30 million per plane at the end of the lease to convert it back. The Office of Management and Budget pegs the overall cost at $26 billion. By comparison, purchasing the planes would cost between $15 billion and $22.5 billion, and the government would own them even after 10 years were up. So much for fiscal prudence.

Sources: GlobalSecurity.Org;
House Conference Report (look for Section 8159);
Enrolled version of bill.

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