Complex sentence: Congress, angered by the delays and cost overruns, cancelled the project in November 1971, and redistrubuted the funds to the new XM815, later renamed XM1, the project that led to the M1.
Split into simpler sentences: Congress, angered by the delays and cost overruns, cancelled the project in November 1971, and redistrubuted the funds to the new XM815. This project was later renamed XM1, the project that led to the M1.