A bill to reduce Federal spending by restructuring the Air Force's F-22 program to achieve initial operating capability in 2010 and a total inventory of no more than 42 aircraft in 2015.

Directs the Secretary of Defense to defer until the year 2010 the planned initial operating capability of the F-22 aircraft and adjust the schedule for research, development, testing, evaluation and production accordingly. Directs the Department of Defense to plan for a total inventory of no more than 42 of such aircraft in the year 2015.

Requires a report from the Secretary to the Congress on the above changes.