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What the media is saying isn't the whole story, from what it looks like right now. Our manned space program is not ending.
What Obama is supposedly doing (although he has not spoken publicly on it, and the budget request doesn't come out until tomorrow) is canceling Constellation - namely the Ares rockets and the moon landing.
However, this is not necessarily a bad thing - it's been coming for awhile now. The moon landing wasn't happening regardless, not under the plan that was in place. The lander was defunded months ago to free up extra money for Ares I and the Ares V, the heavy-lift vehicle required to get there, wouldn't even start development until after Ares I flies - which is at least 7 years and 15 billion more dollars in the future. Without a heavy lift, we're not going to the moon.
Ares I needed to be canceled. It was inevitable. It was such a poor rocket that it was behind schedule and way over budget - so much so that it was taking away from other programs. It's already cost 9 billion but it could cost 15 billion more before it's over. If we stuck to Ares I, it would be 2017 at the earliest before we could get it flying - thus we'll spend the next seven years developing a launch system to low earth orbit that is less capable than what we have now. Especially since Ares I keeps showing more and more underperformance - thus can carry payload weight - forcing the Orion capsule to keep getting stripped down. I wouldn't call that progress.
What seems to be happening now is a shift of programs to the development of a shuttle-derived heavy launch vehicle (HLV). The idea is almost exactly one of the rockets proposed by the DIRECT team (a "hobbyist" group of engineers that led an effort on their own), and bears resemblance to an earlier Ares V concept. Essentially, it will be taking a shuttle external tank, lengthening it and adding a skirt with engines on the bottom, adding the SRB's to the sides, and putting the payload on top. This vehicle will not only have the capability to launch somewhere in the range of 100 tons to orbit, it will reuse the existing shuttle infrastructure - thus allowing it to be developed faster and cheaper.
Many space enthusiasts are excited about this - what NASA really needs right now is a heavy lifter. We're not getting anywhere outside of low earth orbit without one. Under this plan, we can actually develop a HLV much sooner than we would under Constellation. Right now they're looking to have the first test flight in late 2012 - that's not even three years away.
Meanwhile, the plan seems as if it will call for use of commercial services to reach the ISS. That seems fair enough - it will likely be cheaper and available faster. SpaceX's Falcon launcher and Dragon spacecraft will be ready to fly in a few years - long before the Ares I ever would be. It will nicely satisfy our needs for getting to the ISS and other low earth orbit destinations while we develop the HLV to take us further.
This launch architecture enables us to take a "Flexible Path" aim, meaning it's capable of going to many destinations. Plans for visiting an asteroid and Phobos (moon of Mars) are being looked at. In the future, it can be expanded to include things like lunar landings. While it is disappointing to see the moon wiped off the table as a destination right now, in reality we knew it wasn't going to happen anyway. Right now I'd rather have the architecture without the destination rather than the destination without the architecture. At least we're going somewhere.
So I don't buy "Obama wants to kill spaceflight." That's the media writing a story without sufficient information. I wouldn't trust anything from Mike Griffin - he's one of the biggest Ares proponents and got us into this mess in the first place. While I obviously wish the president would do more to support space exploration (and this could be said of almost every president since Johnson), I'm pleased with this decision.
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