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F-35 Joint Strike Fighter ($4 billion): Cost overruns on the next-generation stealth fighter have led the Pentagon to delay its purchases of the craft, resulting in the likely acquisition of 325 jets by 2016 rather than 449. The $382 billion program ultimately would produce about 3,000 planes for the U.S. and its allies.
Missile defense ($1.16 billion): The Medium Extended Air Defense System, made by a consortium of Lockheed Martin and German and Italian companies and meant to be used by NATO, is slated for cancellation by the Pentagon after cost overruns and technical problems.
Expeditionary Fighting Vehicle ($2.8 billion): The amphibious assault vehicle, meant to carry U.S. Marines to hostile shores, was targeted for cancellation in January by Gates. He thinks the $18 million-apiece vehicle is too expensive.
F-35 alternate engine ($465 million*): For more than four years, Congress has funded development of the Joint Strike Fighter backup engine over Pentagon objections. That may end soon; the House on Feb. 16 voted to cut off funds for the rest of this fiscal year.
Advanced missiles ($1.1 billion): The Pentagon in January said it wants to cancel the so-called Slamraam (Surface-Launched Advanced Medium-Range Air-to-Air Missile), an anti-aircraft weapon that can operate from military trucks. The Army says it's too costly and not essential to fighting the war in Afghanistan.
* savings for fiscal 2012 only