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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'Are you kidding?' Hometown paper in disbelief over bizarre decision by McConnell's wife

Sen. Mitch McConnell's hometown newspaper has a bone to pick with his wife, but not about the swirling rumors around his health.In a Louisville Courier Journal column, opinion writer Joseph Gerth said he doesn't much care about the specifics of McConnell's condition, arguing the public doesn't need detailed health updates on one of 100 senators the way it would for a president. What he does want to know, however, is why Elaine Chao didn't come home."Are you kidding me?" Gerth wrote, after recounting that paramedics performed CPR on an unconscious person at McConnell's Washington home the morning he was hospitalized on June 14. Chao, he noted, was in China, where she met Chinese Vice President Han Zheng on June 17.McConnell, 84, has not been seen publicly in more than three weeks, and his office has never confirmed why he was admitted, though dispatch audio referenced a cardiac arrest. Chao's travel has drawn pointed criticism across the spectrum, and in a Tuesday statement — her first since the hospitalization — a spokesperson said she was on "a long-planned trip" supporting "her family's philanthropic endeavors" and that "the Senator's health did not warrant an immediate return to the U.S."Chao departed June 12, two days before he was hospitalized, and was in Shanghai when the emergency happened. Fact-checkers have knocked down a viral claim that she flew over after his cardiac arrest, while former Rep. Marjorie Taylor Greene floated a baseless claim that she is a Chinese spy.Chao returned to the U.S. on July 7. McConnell's prognosis remains undisclosed.

Daily on Energy: Ceasefire over, Trump backs Texas transmission, and Arizona mining

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)

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

Lawyers for Trump filed a rehearing petition after the Supreme Court rejected his appeal of the $5 million E. Jean Carroll civil judgment last week.