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Pentagon's Storage Container Late Fees Total $720 Million (VIDEO)

First Posted: 08/29/11 01:35 PM ET Updated: 10/29/11 06:12 AM ET

At a time when spending cuts are at the heart of a heated political debate, the last thing the Pentagon needs is hundreds of millions in late fees.

The enormous cost comes from shipping containers that simply havent been returned on time, mostly in use for the wars in Iraq and Afghanistan. Changing terms and an unforeseeably long war have made the containers extremely expensive and hard to return without incurring extra costs. To this point approximately $720 million in fees have been incurred in addition to the initial cost of the containers.