The US government has “more than enough money” to finance the war against Iran, but is requesting a budget extension from Congress to guarantee the future supply of the armed forces, Treasury Secretary Scott Bessent said on Sunday.
Speaking on NBC News’ “Meet the Press,” Bessent also ruled out any use of tax hikes to finance the conflict.
The US military’s demand for $200 billion in additional funding for the war in Iran faces stiff opposition on Capitol Hill. Democrats, as well as some Republicans, are questioning the relevance of such a measure after the significant defense funding allocated last year.
Mr. Bessent defended this request without, however, confirming the exact amount.
President Donald Trump has not yet formally submitted a request for approval to the Senate and the House of Representatives, and his administration has clarified that this figure remains subject to change.
“We have enough funds to finance this war,” Bessent said. “This is a supplemental budget. President Trump has strengthened the military, as he did during his first term and as he is currently doing during his second, and he wants to ensure that the army is well equipped for the future.”
Defense Secretary Pete Hegseth said last week that the additional funds were needed “to ensure that we are adequately funded for what has been accomplished and for what we may need to undertake in the future.”
He brushed aside a question about possible tax increases, calling them “ridiculous” and affirming that this option was “absolutely not” being considered.
Early estimates suggest this conflict will be the costliest for the United States since the protracted wars in Iraq and Afghanistan. Administration officials told lawmakers that the first six days of the war against Iran cost more than $11 billion.
Congress, under Republican control, has already approved record defense budgets since the start of Donald Trump’s second term in January 2025. Last month, the president signed into law the Defense budget law for fiscal year 2026, endowed with approximately $ 840 billion.
Last summer, despite opposition from Democrats, the Republican majority in Congress adopted a vast tax and spending cut bill including $156 billion for defense.
Mr. Bessent also justified the decisions taken in recent days by the Trump administration to lift sanctions on Iranian and Russian oil. According to him, this measure would allow countries other than China – notably Japan and South Korea – to buy this crude, while avoiding a surge in prices towards 150 dollars per barrel and reducing the overall revenues received by Iran and Russia.
He said a Treasury analysis showed that the maximum excess oil revenue Russia could obtain would not exceed $2 billion. (Reporting Andrea Shalal and Nicole Jao; Editing Sergio Non and Mark Porter)
