$38 billion in five months

The Congressional Budget Office put the Pentagon's Iran war tab at $38.1 billion through Aug. 1, with another $2 billion to $3 billion burning every month the fighting continues.

Most of it is ammunition

Over half the cost went to replacing missiles and munitions already fired. Extra flying hours added $10.4 billion, and higher fuel prices tacked on $2.7 billion.

Two-thirds of the shield is gone

The U.S. has burned through as much as two-thirds of its missile-defense interceptors since June 2025, mostly defending Israel. Rebuilding that stock would take five years at best.

“Rebuilding DoD's inventory of interceptors would probably take at least five years”

China is the reason it matters

The CBO named the scenario it worries about: a fight with an adversary holding huge numbers of ballistic and cruise missiles. Read that as China, and Taiwan.

It shows up in your groceries

Choked shipping through the Strait of Hormuz and the Red Sea will add 0.5 points to PCE inflation by early 2027, the Fed's preferred gauge. Core inflation runs 0.3 points hotter.

“The price of almost every product reflects shipping costs”

Gas at $4.33 a gallon

U.S. crude topped $106 and Brent passed $109 after Saudi Arabia canceled shipments. Pump prices are up $1.15 from a year ago, and fuel drives 40% of the war's price effect.

Aircraft and bases hit

Iranian strikes damaged hundreds of buildings across eight countries and destroyed dozens of aircraft, including an F-35A worth up to $92 million, four F-15Es and seven refueling tankers.

A weeks-long war, still going

Trump said it would last weeks when he launched it Feb. 28. Democrats are running against the price of fuel and food ahead of the Nov. 3 election.