Donald Trump weighs escalation against Iran as war costs near $29B

Added: 2026-05-14

[00:00:00]An inflated war budget and a stalemate at the negotiating table has US President Donald Trump pondering a wrap-up of fighting against Iran. Today, Trump says he's thinking of Iran's nuclear capabilities rather than the financial state of Americans. The comments come as the Pentagon's top budget official told Congress the cost of the war has climbed to nearly $29 billion, 4 billion more than the price tag issued nearly 2 weeks ago. Jason Gaidola joins us live with all the details and reaction tonight. Good evening, Jason.

[00:00:30]Good evening, Manisha. Democratic senators were questioning Defense Secretary Pete Hegseth again today, asking the Trump administration's long-term strategy in this war and what exactly they can achieve a full reopening of the Strait of Hormuz.

[00:00:45]How do we know [music] that the ceasefire is is active or not active >> [music] >> without any documentation?

[00:00:56]We know. It's evident and the ceasefire's [clears throat] in effect.

[00:01:00]Today, US Defense Secretary Pete Hegseth faced a barrage of questions [music] regarding the Trump administration's progress on its war with Iran. How do we know? You just trust that the president knows that the ceasefire is active or not active? As you know, for the most part a ceasefire means the [music] fire is ceasing and we know that has occurred while negotiations occur. During a Senate subcommittee meeting on the Department of Defense's war budget today, Democratic senators repeatedly asked Hegseth for clarity on what the plan is to reopen the Strait of Hormuz.

[00:01:33][music] Hegseth defended the White House and their war strategy, claiming they're having success on the battlefield and they control [music] the vital waterway where 20% of the world's oil normally flows.

[00:01:44]>> [music] >> He also swatted down reports that American troops are running low on ammunition. We are winning, have won every component of what we fought in this conflict. Iran knows that based on the the degradation of their capabilities >> [music] >> and which is why we saw them wanting to come to the table. How this gets resolved will be on our terms, [music] on President Trump's terms and we have all the munitions and capabilities necessary to enable that. Hexept and the Department of Defense were also asked how the White House justifies [music] the spiraling costs about having troops battling on the front line. 11 weeks, 74 days since hostilities began in Iran and trying [music] to get a reporting of the dollars that have been spent in this has been excruciating and it's been long. I just in the strongest terms urge that we move forward and give this committee a full reporting on what the cost of this endeavor has been.

[00:02:38][music] Pentagon officials told lawmakers that the cost of the war in Iran has climbed to nearly 29 billion dollars, up 4 billion from the price they provided nearly 2 weeks ago. [music] At the time of testimony from the Haskel it was 25 billion dollars, but the joint staff team and the comptroller team were constantly looking at that estimate >> [music] >> and so now we think it's closer to 29.

[00:03:00]That's because of updated repair and replacement of equipment costs and also just general operational costs keep people in theater. Meanwhile, US President Donald Trump says he isn't thinking about the dollars when dealing with Iran. The only thing that matters when I'm talking about Iran, they can't have a nuclear weapon. I don't think about American financial situation. I don't think about anybody. I think about one thing. We cannot let Iran have a nuclear weapon. We were for the last 3 months 1.7% and now what you have is as soon as this war is over, you're going to see inflation go down to probably 1 and 1/2%. After claiming that the ceasefire is on quote massive life support, Trump fielded questions from reporters today prior to him departing for China to meet with President Xi Jinping. Do you think he needs to intervene at all with the Iranian Do you think he can help in any way?

[00:03:56]>> No, I don't think we need any help with Iran. We'll win it one way or the other.

[00:04:00]We'll win it We'll win it peacefully or otherwise.

[00:04:04]Uh their navy's gone, their air force is gone, every single element of their war machine is gone. The geopolitical sit-down caught the attention of lawmakers back at today's Senate meeting where they urged Trump to think about China's position on the war in the Middle East. [music] Bottom line here, China Uh does China buy 90% of Iranian oil, Mr. [music] Secretary?

[00:04:30]Um China buys a very large percentage of Iranian oil.

[00:04:34]>> is pretty large. President Trump, when you go to China, realize that the person you're talking to >> [music] >> is propping up Russia and Iran.

[00:04:46]Due to the current state of the war and the ballooning US defense bill, US Energy Department officials raised their forecast on gas prices and warned oil futures will likely stay above $100 a barrel in the coming weeks.