Lockheed to Lose 17 F-35s Under Automatic Pentagon Cuts

The Pentagon will cut 17 of the 343 F-35 fighters it planned to buy from Lockheed Martin Corp. in fiscal 2016 through 2019 unless Congress repeals automatic budget cuts, according to a new Defense Department report.

The move would save about $1.7 billion from $45.5 billion in planned spending for the F-35, the costliest U.S. weapons program. The report spells out an array of cuts in other projected purchases, from air-to-air missiles made by Raytheon Co. to aerial refueling tankers from Boeing Co.