The longer the Iran war continues, the more it is becoming a litmus test not just of military strength but of financial endurance for the US government. US Treasury Secretary Scott Bessent has sought to reassure Americans that there is “plenty” of money to fund the war, even as the administration prepares to seek additional funding from Congress.
Speaking on NBC’s Meet the Press, Bessent sought to reassure people that the war effort would not lead to higher taxes, even as the Pentagon signalled the need for more funding.
Bessent said that the US government is financially equipped to sustain the war effort. “We have plenty of money to fund this war,” he said, calling the additional funding request “supplemental” rather than essential for immediate operations.
NO TAX HIKE, BUT QUESTIONS REMAIN
He added that the goal of seeking more funds is to ensure that the military remains fully prepared in the months ahead. According to him, the administration wants to avoid any shortages in equipment or resources as the conflict continues, especially if it expands further.
The Treasury Secretary also ruled out any possibility of raising taxes to pay for the war, pushing back against concerns that Americans could bear the financial burden. However, he did not clearly explain where the additional money would come from. Previous reliance on tariff revenues may not be as viable now, adding to uncertainty over how the government plans to finance future costs.
The proposed request for additional funding — expected to run into hundreds of billions of dollars — is already facing resistance in Congress. Lawmakers from both parties have expressed doubts, especially after the approval of large defence budgets in recent years.
Senior Republicans and Democrats alike have said they want more details before backing any new spending. Some have questioned whether such a large request is necessary, while others have warned about the long-term financial impact of another major war.
WAR COSTS RISE AS CONFLICT DRAGS ON
Early estimates suggest the conflict is becoming one of the most expensive military engagements for the US in recent decades. Officials have indicated that the initial phase of the war alone cost billions of dollars within days, underlining the financial strain of sustained operations.
The economic impact on the US is also becoming visible. Rising oil prices linked to disruptions in the Strait of Hormuz have pushed up fuel costs globally, with Americans feeling the pinch at petrol stations. This has added to the pressure on the administration to justify both the war and its cost.
At the same time, questions remain over the long-term goals of the conflict. Defence Secretary Pete Hegseth has defended the need for additional funding, saying it is necessary to prepare for both current and future operations. He has indicated that the final amount requested could change depending on how the situation evolves.
With inputs from agencies
