New Report Exposes $72 Billion Price Tag for Trump’s Iran War in Just 60 Days

A new analysis by journalist Stephen Semler reveals the staggering financial cost of the Trump administration’s war on Iran: nearly $72 billion spent in just the first 60 days. This figure, published in the Popular Information newsletter and sourced from the Security Policy Reform Institute, includes operational expenses, weapons, and U.S. subsidies for Israel’s military efforts, as well as nearly $12 billion in lost or damaged military assets.

Semler’s estimate dwarfs the Pentagon’s official war cost of $25 billion, presented last week to Congress by Secretary Pete Hegseth and acting Comptroller Jules Hurst. Semler did not mince words in calling their estimate a “lie” and a “denial” of the true spiraling costs triggered by the Trump administration’s decision to escalate military conflict with Iran.

The timing of Semler’s report is critical. Washington is currently weighing a supplemental funding package estimated between $80 and $100 billion to replenish munitions and equipment depleted during the conflict. Meanwhile, Congress is set to consider a record $1.5 trillion defense budget for fiscal year 2027.

Harvard economist Linda Bilmes has warned that the long-term costs of the Iran war could top $1 trillion once veterans’ care and other aftereffects are factored in. “Wars always have a long tail of costs,” Bilmes told Fortune last month, underscoring the enduring financial burden of military engagements.

The Trump administration’s Iran war is not only a humanitarian and geopolitical disaster but also a massive financial sinkhole. It falls to Congress and the American public to demand accountability and reconsider the wisdom of pouring more taxpayer dollars into a conflict with no end in sight. As Semler puts it, lawmakers must decide whether to “enable Trump’s doubling down on another endless war.”

This report adds to the growing chorus of voices demanding an end to unchecked military spending and endless wars that drain resources from urgent domestic needs. The true cost of Trump’s Iran war is not just dollars and cents — it is a warning about the consequences of reckless foreign policy driven by authoritarian impulses and disregard for democratic oversight.