Cost of Trump's war exceeds $100 billion — and there's no plan to pay the bill: analysis

A new analysis estimated that President Donald Trump racked up a $103 billion bill for the Iran war in 120 days.According to an analysis by Popular Information, the Trump administration has no plan to pay for the Iran war, and neither do congressional Republicans.The analysis found that over four months, the U.S. spent more than $103 billion on the war in Iran, based on budgetary costs such as operations, personnel, and matériel. It also noted that Russell Vought, the director of the Office of Management and Budget, told the House Appropriations Committee last week that the U.S. has spent $30 billion on the war.According to Popular Information, expenses for weapons such as missiles, interceptors, and bombs total about $46.7 billion, making it the highest cost. The other major expenses included operations such as mobilization, administration, and combat, which cost $28.5 billion, and losses such as damage or destruction of military assets, which cost $20.3 billion, per the analysis."The Trump administration has offered Congress lowball war cost estimates," Popular Information noted. In May, Pentagon comptroller Jay Hurst and Defense Secretary Pete Hegseth testified that the war cost only $29 billion. In April, the estimate was $25 billion.The Trump administration and congressional Republicans are declining to pay for the war costs through tax increases or spending cuts, according to Popular Information, which included a quote from House Appropriations Chair Tom Cole (R-OK) saying, "War is never paid for when you fight it."However, taxes were levied to pay for the costs of World Wars I and II, Popular Information noted.

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WHAT’S HAPPENING TODAY: Good afternoon and happy Wednesday, readers! President Donald Trump announced that the ceasefire in Iran has ended, following the U.S. and Iran exchanging attacks overnight. The president also threatened to continue launching strikes at Iran. The escalation in the Middle East has sent oil prices back up. 🛢️🇺🇲🇮🇷 In other news, the […]

Oil Climbs as Trump Threatens Iran Strikes, Blockade | Bloomberg Businessweek Daily 7/8/2026

Today, Bloomberg's Tyler Kendall reports the minutes from the first FOMC meeting of Kevin Warsh's tenure as Fed chair. Then, Bloomberg Economics senior geoeconomics analyst Adam Farrar breaks down oil market reaction as the US threatens more strikes against Iran and a renewed blockade of the Strait of Hormuz. Plus, Stephanie Roth, chief economist at Wolfe Research, reacts to news that some Fed members initially saw the case to hike rates despite eventually falling in line with fellow committee members in holding rates. Then, Brian Dobson and Greg Pendy from Clear Street discuss their SpaceX buy rating and where they see the stock going. Finally, Bloomberg 'Business of Sports' podcast co-host Vanessa Perdomo-Maglione talks the Unites States' exit from the World Cup and the future of soccer in the US. (Source: Bloomberg)

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Former Milwaukee County Judge Hannah Dugan is avoiding prison time despite being found guilty of obstructing ICE agents after Clinton-appointed Judge Lynn Adelman decided that Dugan is a “good person upset by immigration enforcement in this country.” Dugan was convicted last year after ICE agents showed up to the Milwaukee County courthouse to detain 31-year-old […]

Trump asks Supreme Court for rehearing over $5M E Jean Carroll civil judgment

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