The Boeing 2707 stemmed from President Kennedy's June 1963 call for a
supersonic transport (SST) to compete with the Anglo-French
Concorde. Unlike Concorde and the Soviet Tu-144, the US SST was to be
made largely of titanium, making it capable of Mach 3. In 1966 Boeing's
variable-geometry (swing-wing) Model 2707 was chosen over proposals from
Lockheed and North American. Boeing built an impressive full-scale mockup
and estimated future sales of 700 - 1000 SSTs. The technical challenges of
a Mach 3 SST were greater than faced by its slower, smaller rivals.
The variable-geometry idea was abandoned in 1968 and a smaller fixed-wing version was
planned, with test flights planned for 1970 and commercial service in 1974.
Two prototypes were begun, but in 1971 the SST programme was cancelled.
Increasing oil prices and environmental concerns were the excuses.
I would like to respond to David's inaccurate explanation as to why the SST wasn't built. Here are the facts. The environmental resistance to the project was so intense, the U.S. government pulled supplemental funding of the SST leaving Boeing with all the financial burden. I realize a socialist like David has little or no understanding of the fact that companies must recover developmental expenses. There was the fear that Boeing could not recover these costs. There is no government compensation in the United States like there is in socialist nations like the one time Soviet Union. Instead, Boeing developed the 747 which obviously became one of the most successful jetliners in history. An aircraft that only now has been rivaled. Profit is neccessary David for companies in the free world to survive.
It wasn't built as America has an obsession with profit, and would not take a risk. The Europeans and Russians, on the other hand, did take risks, and so the history of aviation reflects reality. Rather than wishes. Concorde could not have been bettered by the SST, particularly the smaller version. That is why Airbus 380 will be successful over the caution of the Boeing approach.