"It" here refers to "F35 budget". The punctuation is not ideal; I think it would be clearer something like this: > With the F35 budget well over a trillion do

"It" here refers to "F35 budget". The punctuation is not ideal; I think it would be clearer something like this: > With the F35 budget well over a trillion dollars (this is 2-3 orders of magnitude larger than needed to fund maximum number of projects Skunk works can sustain, at max manpower), it is a bureaucratic waste with minimum productive output.