WASHINGTON, D.C. — The Marine Corps announced its plan to spend billions of dollars to research, develop, and build a new amphibious vehicle that will be canceled just before implementation, sources confirmed Thursday.

Dubbed the Amphibious Combat Vehicle (ACV), the new project is slated to be finished in 2020 and canceled in 2018. The ACV is meant to replace the current Amphibious Assault Vehicle (AAV), known among Marines as Amtraks or "Floating Coffins," which have been used for more than 40 years to take troops from ship to the bottom of the sea floor.

“We are really excited about the chance to upgrade our amphibious capabilities,” Secretary of the Navy Ray Mabus said in a statement. “The ACV will be a great addition to our fleet so we’ll be sure to scrap it. In fact, the House Armed Services Committee has already asked me to waste as many tax dollars as possible before we cancel this project.”