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Obama Signs Bill Overhauling Weapons Acquisition Process

WASHINGTON -(Dow Jones)- U.S. President Barack Obama signed legislation into law Friday overhauling the Pentagon's acquisition process, saying the measure will help eliminate "unexcusable and unconscionable" waste.

"I reject the notion that we have to waste billions of taxpayer dollars to keep this nation secure," Obama said at a White House bill-signing ceremony.

"When it comes to purchasing weapons systems and developing defense projects, the choice we face is between investments that are designed to keep the American people safe and those that are simply designed to make a defense company or a contractor rich."

The Weapons Systems Acquisition Reform Act is aimed at addressing problems caused by unrealistic cost and schedule estimates, as well as changes in the middle of an acquisition program. According to the Government Accountability Office, cost overruns on the Pentagon's 97 largest acquisition programs total almost $300 billion over original estimates.

"It's finally time to end this waste and inefficiency," Obama said.

-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@ dowjones.com

  (END) Dow Jones Newswires
  05-22-091023ET
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