You do know you can let your Foxtrots fire off the torpedoes, then make them retreat to rearm? It's my standard strategy and it's never failed me. Also, as long as you keep explosives research up to date, all you need is 2 Foxtrots to take down a UFO.
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Well there's your problem. Please don't complain about the game's balance when you make it ridiculously easy. I don't have anything against you modding this, but having the gall to complain about how "the game drags on" when you make it so that a key mechanic of the game (managing your resources, which includes money and funding) is a non-issue kind of stupid?
If you've played through vanilla and found it to drag I'd be perfectly fine with that, but giving yourself such a monumental advantage that invalidates an important part of the game and then complaining about pacing is what I object to.
What difficulty are you playing anyway? Impossible/Ironman? That I can understand 10 million starting funds.