8/31/2009-Defense Secretary Robert Gates said that the US must gain control of its defense spending in an era of budget constraints, but added that he still plans on keeping to schedule on the roll out of the F-35 Lightning II - "a supersonic, multi-role, 5th generation stealth fighter," according to a company press release. Gates reportedly met with Lockheed Martin Corp. (NYSE:LMT) management in Fort Worth, Texas where the F-35 model is currently being built. During the meeting, Gates said, he stressed the importance of staying on track to get the jet into the nation's defense arsenal on time. The F-35 fighter project is the most expensive Pentagon weapons program, with an estimated cost of $298.8 billion. The jet is expected to be delivered by 2011 for the first training squadron while the Marin Corps. is expected to receive its first warplane by 2012, according to comments made by Gates in a Bloomberg interview. A Bloomberg article quoted Gates as saying, "A lot of the highest-risk elements of the program are behind us at this point. There are still management and execution issues that have to be dealt with. I think they are dealing with those, and I think it's fair to say they are confident they will meet the timetables."

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