US Treasury: No Tax Hikes Planned Despite Rising Costs of Iran War

by | Mar 22, 2026 | News

gray warship on body of water

US Treasury Secretary Scott Bessent says the government has sufficient funds to support the ongoing war with Iran, while ruling out any need for tax increases.

Speaking on NBC’s Meet the Press, Bessent emphasized that the US is financially prepared, even as the administration considers requesting additional funding from Congress to support future military needs.

“We have plenty of money to fund this war,” Bessent said, describing any supplemental funding request as a way to ensure long-term military readiness.

Reports suggest the Pentagon may seek up to $200 billion in additional funding, though the exact figure has not yet been formally submitted by President Donald Trump. The proposal is already facing resistance from both Democrats and some Republicans, who question the need after recent large defense budgets.

Defense Secretary Pete Hegseth defended the request, stating that additional funding is necessary to cover current operations and prepare for future scenarios.

Early estimates indicate the conflict is becoming one of the most expensive in recent history. Officials told lawmakers that the first six days alone cost more than $11 billion, raising concerns about long-term financial impact.

Despite this, Bessent dismissed the idea of tax increases as “not under consideration,” signaling that the administration plans to fund the war through existing resources and congressional appropriations.

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