New bill takes aim at decades-old law that failed to stop Pentagon cost overruns

New bill takes aim at decades-old law that failed to stop Pentagon cost overruns

A bipartisan group of lawmakers wants to rein in cost overruns and strengthen oversight of major defense acquisition programs. They intend to close loopholes in a decades-old law that was designed to curb excessive spending, but has largely failed to stop programs from routinely blowing past their budgets. A new bill led by Reps. John Garamendi (D-Calif.) and Carlos Gimenez (R-Fla.) proposes sweeping updates to the Nunn-McCurdy law, which requir…