No End in Sight? US Has ‘Plenty of Money’ for Iran War, No Tax Hike Planned Says Scott Bessent

US Treasury Secretary Scott Bessent asserts the US can fund the war with Iran without raising taxes. However, the administration is seeking a supplemental $200 billion from Congress to ensure long-term military readiness, not for immediate needs. 

The United States has sufficient financial strength to sustain the ongoing war with Iran without raising taxes, according to Treasury Secretary Scott Bessent. Speaking on NBC’s Meet the Press, Bessent asserted, “We have plenty of money to fund this war,” emphasizing that additional taxation is not under consideration.

He clarified that while the US is financially capable of handling the conflict, the administration is still seeking supplemental funding from Congress to ensure military preparedness for future operations. The proposed funding request—reportedly around $200 billion—has triggered debate among lawmakers, with both Democrats and some Republicans questioning the necessity given already record-high defence spending.

Bessent defended the move, explaining that the request is about maintaining long-term military readiness rather than addressing immediate financial shortfalls. “This is supplemental… to make sure that the military is well supplied going forward,” he said during the NBC interview.

War Costs Surge, Strategy Signals Prolonged Conflict

The Iran conflict is already proving to be one of the most expensive military engagements in recent history. Early estimates suggest that the first six days alone cost the US more than $11 billion, raising concerns about long-term fiscal impact.

Despite the rising costs, the administration remains firm in its approach. Bessent indicated that the US strategy could involve intensifying military actions in the short term to achieve long-term stability. He suggested an “escalate to de-escalate” approach, signalling that a quick resolution to the conflict is unlikely.

The remarks come amid broader geopolitical tensions, including disruptions in the Strait of Hormuz and rising global oil prices. While critics argue that escalating spending could strain the economy, US officials insist that current financial reserves and prior defence allocations provide a strong buffer.

Congress has already approved significant military budgets, including roughly $840 billion for fiscal year 2026, alongside earlier defence-linked spending packages.

Even as political opposition grows, the administration maintains that funding the war effort will not require burdening American taxpayers. Bessent dismissed the idea of tax hikes outright, reinforcing confidence in the US economy’s ability to absorb the costs of a prolonged conflict.

His remarks on NBC’s Meet the Press underline a key message from Washington: the US is financially prepared for an extended confrontation, even as uncertainty looms over how long the Iran war will continue.