To terminate the C-17 aircraft program after fiscal year 1995 and provide for a program to meet the remaining strategic airlift requirements of the Department of Defense with nondevelopmental aircraft.

Directs the Secretary of Defense to terminate the C-17 aircraft acquisition program with those aircraft for which funds are appropriated for FY 1995. Prohibits the obligation of funds appropriated: (1) for FY 1995 for procurement of long-lead items for such aircraft; or (2) after FY 1995 for procurement of such items or such aircraft. Requires the Secretary to develop, and report to the Congress on, a program to meet the remaining strategic airlift requirements of the Air Force through the acquisition of nondevelopmental airlift aircraft.