CBO: Navy FY-20 shipbuilding plan would cost $31 billion each year

The Navy's fiscal year 2020 shipbuilding plan would cost the service approximately $31 billion each year, according to an analysis released this week by the Congressional Budget Office.

"According to CBO's estimate, the full cost of the 2020 shipbuilding plan (including construction, refueling of nuclear-powered aircraft carriers, and other items) would average $31.0 billion per year over the 2020-2049 period," the report reads.

"That amount is nearly twice as much as the average annual funding the Navy has received over the past three decades," it continues.

The report notes the Navy has been allotted an average of $16 billion each year "over the past 30 years for all activities funded by its shipbuilding account."

The Navy earlier this year sent the FY-20 plan to Congress with the annual budget request. The long-term strategy found it would cost the service $40 billion in then-year funds to maintain the 355-ship fleet the Navy projects achieving in FY-34.

The CBO assessment also concluded that the construction of new ships in the plan would cost $28.8 billion each year on average, compared to the Navy’s $22 billion estimation.