Obama casts doubt on presidential helicopter project
U.S. President Barack Obama cast doubt on Monday on Lockheed Martin Corp's (LMT.N: Quote, Profile, Research) presidential helicopter replacement project, which has been hit by soaring cost overruns, saying it was an example of the procurement process "run amok."
"This is going to be one of our highest priorities," Obama said of cost overruns in military contracts at a White House event on fiscal responsibility.
"I have already talked to (U.S. Defense Secretary Robert) Gates about a thorough review of the helicopter situation. The helicopter I have now seems perfectly adequate to me."
"It is an example of the procurement process gone amok and we are going to have to fix it."