President Obama signed a weapons acquisition bill on Friday that aims to curb massive cost overruns in defense programs while increasing oversight and stimulating competition for contracts. The bill was passed unanimously by both the House and Senate earlier this week.

United Press International:

U.S. military weapons procurement, long criticized for bloat and inefficiency, changed Friday when President Obama signed into law purchase reforms.

“I’m proud to join Democratic and Republican members of Congress for the signing of a bill that will eliminate some of the waste and inefficiency in our defense projects,” Obama said during the signing ceremony. He said they were “reforms that will better protect our nation, better protect our troops, and save taxpayers tens of billions of dollars.”

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