Pentagon picks new Air Force One plane

The president is about to get some new mile-high digs.

CNN reports the Pentagon chose Boeing Co.’s (NYSE: BA)  747-8 to replace the two aging planes that serve as the president's Air Force One fleet.

To purchase and make necessary modifications – which include the addition of sophisticated communication equipment and living quarters for the president and his staff – the Air Force has budgeted $1.65 billion between now and 2019.

The two Boeing 747-200 planes the president currently uses will reach the end of their 30-year service life in 2017, according to CNN.

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