CBO News & Analysis
2 articles
Market Mood
Iran War Cost Pentagon $38.1 Billion with Rising Fuel Prices
The U.S. war with Iran has incurred an estimated cost of $38.1 billion through August 1, 2026. The report by the Congressional Budget Office (CBO) indicates that monthly expenses could increase by $2 billion to $3 billion for each continued month of conflict. Increased flying hours have added $10.4 billion, while higher fuel prices contributed an additional $2.7 billion. This conflict is expected to raise year-over-year inflation by 0.5 percentage points by Q1 2027, impacting consumer prices globally, including gasoline prices that recently topped $106 per barrel. These developments may affect ordinary consumers as rising inflation could lead to higher costs on fuel and goods.
Read More: Iran War Cost Pentagon $38.1 Billion with Rising Fuel Prices
U.S. National Debt Exceeds 100% of GDP, Approaching 1946 Record
The U.S. national debt surpassed 100% of GDP last month, moving towards a projected record of 106% set in 1946. According to the Congressional Budget Office, this record may be exceeded around 2029. Current national debt figures stand at $31.4 trillion, significantly influenced by policies from both political parties. Deputy Chief of Staff Stephen Miller attributed part of the debt increase to unauthorized immigrant spending, claiming it costs taxpayers hundreds of billions to trillions of dollars in misappropriated benefits.
Read More: U.S. National Debt Exceeds 100% of GDP, Approaching 1946 Record