Hegseth testifies on Iran war cost
Analysis based on 66 articles · First reported Jul 21, 2026 · Last updated Jul 22, 2026
The rising cost of the Iran war and continued casualties may increase uncertainty for defense contractors and energy markets due to disruptions in the Strait of Hormuz. The proposed $95 billion budget package, if passed, could boost defense and agriculture sectors but add to fiscal deficits.
Defense Secretary Pete Hegseth testified before the Senate Appropriations Committee on July 21, 2026, estimating the U.S. war with Iran has cost $37.5 billion so far, up from earlier assessments. He defended a $95 billion GOP budget package that includes supplemental war funding, $10 billion in farm aid, and $10 billion for voting law changes. The hearing occurred days after the Pentagon announced three more U.S. service member deaths, bringing the toll to 17, with over 100 wounded since early July. Democrats criticized the war as spiraling out of control, while Republicans largely supported the administration. Hegseth also faced questions about Pentagon promotion policies and his leadership. The budget package is expected to move through reconciliation.
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