FAA needs more funds to finish air traffic control overhaul

Investing.com -- The Federal Aviation Administration requires additional funding from Congress to complete the first phase of a $10.6 billion air traffic control reform plan, according to a government report released Monday.

The Government Accountability Office stated the FAA has not fully evaluated the costs of operating the new system or established a detailed schedule for completing the reforms.

Congress had previously authorized $9 billion for air traffic control reforms in the first phase. The FAA is allocating $1 billion from its current year budget and needs another $574 million, the GAO said.

"In essence, the FAA is buying delivery speed at the risk of cost uncertainty and potential disruptions," the GAO report said. The report added "these risks increase the likelihood of FAA repeating its history of cost overruns, delays, and unmet performance targets."

You May Also Be Interested In

• Marvell (MRVL) Reiterated at Buy by Stifel on Position Across Connectivity Topologies
• Everkind Launches Pilot Program with Freeport Recovery Group and Twelve Mile Recovery to Support Ontario's Addiction Recovery Continuum of Care
• Green Bridge Metals Corporation Announces Phase 2 Diamond Drill Program at the Titac Titanium-Copper-Vanadium Project, Minnesota, USA