New Air Force One Planes Will Cost U.S. Military Billions of Dollars

The U.S. military is planning to buy three Boeing 747 aircraft to replace the current two aging Air Force One presidential planes.

The current one being used was delivered in 1990 during the administration of President George H.W. Bush.

"The current airplane was fielded in 1991," Air Force Col. Amy McCain told CBS News. "It's the only 747-200 left in the United States that is flying. So it costs a lot more time and money to keep that airplane flying than it used to. It's actually cheaper in the long run to replace it."

According to CBS News, the U.S. Air Force announced its plan to use Boeing 747-8 mainframe last January.

The aircraft has "a longer fuselage, greater wing span and new engines and avionics" although more expensive.

Funding requests by the military totaled $102 million this year and will balloon to $3 billion in the next five years excluding the last three years of the project.

The signing of the first contract between the Air Force and Boeing is expected to be held this year with the goal of flying the President in the new 747s by 2023.

McCain said "The top priority is an affordable aircraft that will meet the presidential requirements."

"We're buying up to three. It depends on all the availability of having two airplanes available for the President at any one time," she said.

CBS News said if the purchase pushes through, the current Air Force One will be displayed at the National Museum of the U.S. Air Force in Dayton, Ohio, which is home to nine presidential aircraft.

According to the White House website, the Air Force One can refuel in midair and has onboard electronics that are hardened to protect against any electromagnetic pulse.

It is also "equipped with advanced secure communications equipment, allowing the aircraft to function as a mobile command center in the event of an attack on the United States."