Hassett Says Iran War Has Cost About $12 Billion So Far and Signals No Immediate Need for Extra Funding
White House National Economic Council Director Kevin Hassett said the U.S. campaign in Iran has cost "about $12 billion" so far and that "right now, we've got what we need," signaling no immediate supplemental funding request even as lawmakers prepare for one. Pentagon officials privately told Congress the early tab was roughly $11.3 billion for the first days—an admitted low‑end estimate that omits pre‑buildup and other costs—while independent tallies and ongoing strikes (some estimates as high as $16.5 billion in the first 12 days) coincide with rising oil prices and regional shipping and market disruptions.
đź“Ś Key Facts
- White House National Economic Council Director Kevin Hassett told CBS Face the Nation the war with Iran has cost “about $12 billion” so far and said “right now, we’ve got what we need,” even as lawmakers prepare for a possible supplemental funding request.
- Pentagon officials told lawmakers in a closed-door briefing that the conflict cost more than $11.3 billion in the initial days (reported as a six‑day figure by some outlets); Treasury Secretary Scott Bessent publicly cited roughly $11 billion — figures that broadly align with Hassett’s number.
- Officials and independent analysts caution those early figures omit many expenses: Pentagon estimates excluded pre‑strike buildup (movement of carrier strike groups, assets and personnel), and lawmakers expect significantly higher totals.
- Independent estimates and line‑item detail show a wide range of early costs and drivers: CSIS estimated about $3.7 billion for the first 100 hours and roughly $16.5 billion for the first 12 days; a U.S. official said munitions cost about $5.6 billion in the first two days; CSIS also put replenishment and equipment replacement (including hundreds of millions to replace three F‑15s) in the multibillion‑dollar category.
- Congressional leaders and overseers are pressing for more detail: House Appropriations Chair Tom Cole said he expects a “very robust” supplemental request, Speaker Mike Johnson said the scope is not yet known, Sen. Chris Coons called the $11.3 billion figure “roughly accurate” but said totals are likely much higher, and Sen. Jack Reed has demanded detailed cost data from the Defense Secretary.
- The conflict is already straining markets and infrastructure: global oil topped $100 a barrel (Brent peaked near $119.50), U.S. average gasoline rose to about $3.63/gallon, at least 16 commercial ships and tankers have been struck in the Gulf region, two Iraqi tankers burned at sea, and Iranian threats prompted temporary closures of some Citi and HSBC offices.
- The human and operational toll is significant and growing: NPR reported at least 13 U.S. service members killed (7 by enemy fire), Iranian authorities reported more than 1,200 civilian deaths and over 10,000 injuries with up to 3.2 million temporarily displaced, regional casualties and displacement in Lebanon and Israel were reported, and U.S. and Israeli strikes and Iranian missile/drone attacks continue amid unresolved questions about Iran’s retained enriched‑uranium stockpiles and IAEA loss of “continuity of knowledge.”
đź“Š Relevant Data
According to a March 2026 Marist Poll, 84% of Republicans support U.S. military actions in Iran, while 86% of Democrats oppose them.
War with Iran, March 2026 — Marist Poll
In 2024, 13.7% of U.S. households were food insecure, with rates historically higher for Black and Hispanic households, and food insecurity increased in 2025 amid rising food inflation.
Food Security in the U.S. - Key Statistics & Graphics — USDA Economic Research Service
The Iran war has driven crude oil prices to nearly $120 per barrel, leading to higher gasoline prices averaging $3.63 per gallon and increased costs for groceries and utilities across the U.S.
The War in Iran Will Raise Fuel Prices and Costs Throughout the Economy — Center for American Progress
As of March 2026, 13 U.S. service members have been killed in the Iran war, with approximately 140 wounded, but no official racial breakdown of these casualties has been released.
What We Know About the U.S. Service Members Killed in the Iran War — TIME
đź“° Source Timeline (11)
Follow how coverage of this story developed over time
March 15, 2026
4:07 PM
Trump economic adviser Kevin Hassett says of Iran war funding: "Right now, we've got what need"
New information:
- White House National Economic Council Director Kevin Hassett told CBS the war with Iran has cost "about $12 billion" so far.
- Hassett said "right now, we've got what we need" on Iran war funding, indicating the administration believes current appropriations are sufficient at this moment.
- He made the comments as lawmakers are preparing for a possible supplemental funding request from the White House, signaling that such a request is under discussion but not yet submitted.
March 14, 2026
7:04 AM
These are the casualties and cost of the war in Iran 2 weeks into the conflict
New information:
- CSIS estimate that U.S. spending in the first 12 days of the war is about $16.5 billion, compared with earlier figures covering the first week or first 100 hours.
- Updated tally that at least 13 U.S. service members have been killed, including 7 by enemy fire, according to U.S. Central Command.
- Iranian civilian death toll put at more than 1,200 and injuries at over 10,000, with 25 hospitals damaged and 9 out of service, per Iranian health officials.
- UNHCR estimate that up to 3.2 million Iranians have been temporarily displaced by the conflict.
- Lebanon’s Health Ministry and disaster office figures: 773 killed, 1,933 injured, and about 830,000 displaced in Lebanon.
- Israeli authorities’ figure of 12 civilians and 2 soldiers killed so far.
- Regional shipping and infrastructure impact details: more than 15,000 targets hit in the U.S.–Israeli campaign, more than 90 Iranian vessels damaged or destroyed, over 30 Iranian minelayers destroyed, and 16 commercial ships struck in the region.
- Brent crude’s recent peak at $119.50 per barrel, and average U.S. gasoline at $3.63 per gallon, up 55 cents from a year earlier, according to AAA.
- Public‑opinion data showing 56% of Americans oppose the war, based on an NPR/PBS News/Marist poll.
March 13, 2026
9:30 PM
Friday’s Mini-Report, 3.13.26
New information:
- The piece notes at least 16 oil tankers, cargo and other commercial ships have been attacked in the Persian Gulf since the U.S.–Israeli war against Iran began, per a New York Times analysis.
- It reports that two Iraqi tankers were ablaze at sea on Thursday, highlighting intensified focus on oil and energy infrastructure targets.
5:58 AM
Ship escorts to start in Strait of Hormuz "soon," Trump officials say
New information:
- Treasury Secretary Scott Bessent tells Sky News the Iran war has cost the U.S. $11 billion so far, a public figure that roughly aligns with but slightly refines prior internal Pentagon estimates for the first days of the conflict.
- Bessent links that cost and the broader war effort directly to the decision to delay naval escorts in the Strait of Hormuz until U.S. forces have greater control of the airspace and Iran’s missile capabilities are degraded.
March 12, 2026
7:14 PM
Pentagon estimates Iran war cost $11.3B in the first six days in closed-door congressional hearing: report
New information:
- Fox cites New York Times reporting that Pentagon officials told legislators in a closed‑door briefing the Iran war cost estimate for the initial six days was "more than $11.3 billion," clarifying the narrower six‑day window versus a full week.
- The article notes the estimate explicitly excludes many pre‑strike buildup expenses such as movement of assets and personnel.
- A Senate Armed Services Committee minority staffer pointed Fox to Sen. Jack Reed’s March 10 letter to Defense Secretary Pete Hegseth demanding detailed cost data, highlighting oversight pressure from the Democratic ranking member.
- The piece ties the early cost estimate to the broader context of a U.S. national debt approaching $39 trillion and notes rising domestic gas prices alongside Trump’s public justification of the war on Truth Social.
1:36 PM
Iran hits tankers and Gulf nations as U.S., Israel continue attacks
New information:
- CBS repeats for a mass TV audience that lawmakers briefed by the Pentagon were told the Iran war cost more than $11 billion in its first week, aligning with the previously reported $11.3 billion figure.
- Connects that early‑cost estimate directly to concurrent Iranian attacks on tankers and oil facilities and to ongoing U.S. and Israeli strikes, underlining that those costs are being incurred while shipping and energy infrastructure are under fire.
1:22 PM
First week of Iran war cost U.S. over $11 billion, military told lawmakers
New information:
- Article clarifies that military officials told lawmakers the roughly $11.3 billion figure for the first week is a low‑end estimate that excludes pre‑war buildup costs such as shifting two carrier strike groups to the region.
- Sen. Chris Coons publicly says the $11.3 billion figure is 'roughly accurate' but believes the total operating number is 'significantly above that' and estimates daily war costs are likely well over $1.5 billion.
- A U.S. official briefed on Pentagon estimates tells CBS that munitions alone cost about $5.6 billion in the first two days of the war.
- The Center for Strategic and International Studies provides an independent estimate that the first 100 hours cost about $3.7 billion, or roughly $891 million per day, including over $3 billion to replenish munitions and hundreds of millions to replace three lost F‑15s.
- House Appropriations Chair Tom Cole says he expects a 'very robust request' for a supplemental war‑funding package, while Speaker Mike Johnson says 'we don't know the scope of it yet,' and Coons says he is not satisfied with the administration’s accounting so far.
10:11 AM
Iran's relentless strikes send oil prices back up, stock markets down
New information:
- Reiterates that military officials told Congress the war cost about $11.3 billion in the first week, while placing that figure in the new context of continuing, widespread Iranian strikes across the Gulf and fresh U.S. market turmoil.
- Reports that CBS has learned of more serious injuries to U.S. forces from a March 1 Iranian attack in Kuwait than were previously disclosed, suggesting a higher human toll alongside the financial one.
- Shows that, nearly two weeks into the war, Iran is still launching missile and drone attacks against U.S. allies, illustrating why costs are likely to keep climbing.
6:43 AM
Iran War Live Updates: Oil Tops $100 a Barrel as Attacks Spread Across Middle East
New information:
- Clarifies that the $11.3 billion‑plus cost estimate was delivered by Pentagon officials in a closed‑door briefing to lawmakers on Capitol Hill.
- Notes that Pentagon officials acknowledged the estimate omitted several aspects of the operation, so lawmakers expect significantly higher total costs.
- Places the cost figure in the context of oil rising above $100 and global market disruption, underscoring dual fiscal and economic pressures.
- Adds that this discussion occurred amid Iranian threats to U.S. and Israeli banks in the Gulf and the resulting temporary closure of some Citi and HSBC offices.
March 11, 2026
11:52 PM
Trump won’t say what happens if Iran keeps its uranium stockpiles
New information:
- Trump refused to say whether the U.S. will end its military campaign if Iran retains its enriched‑uranium stockpile, despite eliminating Iran’s nuclear threat being a stated war objective.
- Trump claimed in a Kentucky speech that Iran now 'doesn’t have nuclear potential,' even as Iran is believed to retain about 1,000 pounds of enriched uranium buried in tunnels at several sites including Isfahan.
- An internal IAEA report, quoted via AP, says the agency has 'lost continuity of knowledge' and cannot state the size, composition or location of Iran’s enriched‑uranium stockpile.
- A senior White House official declined to say whether the U.S. plans to re‑engage in nuclear talks or try to seize the stockpiles by force, saying only that 'Operation Epic Fury continues unabated.'
- A senior Middle East diplomat said options like downblending or exporting Iran’s uranium to a third country (as under the 2015 deal) remain on the table, but the U.S. has not reached out to restart talks, despite Iran’s earlier offer to relinquish stockpiles being cut off when Trump ordered strikes.