The Air Force admits the F-35 fighter jet costs too much. So it wants to spend even more.

The Air Force is now considering a replacement for its F-16 fighter jet replacement. With an estimated lifetime cost of $1.6 trillion, the F-35 Lightning II, conceived as a versatile, super stealthy next-generation fighter plane, is the most expensive weapon system ever built. When the program began way back in 1992, the F-35 was supposed to be an affordable one-size-fits-all solution for the Air Force, Marine Corps and Navy. It took until this February for the Air Force to publicly admit that the F-16 replacement failed the affordability test.