WASHINGTON, D.C. – House Armed Services Committee Ranking Member Adam Smith (D-Wash.) released the following statement in response to the release of new findings by the Congressional Budget Office (CBO) that show President Trump’s war against Iran has cost the United States nearly $40 billion through August 1, 2026.
 
“The CBO’s findings underscore two important points: First, Trump’s disastrous war against Iran has exacted a staggering toll in terms of lives lost and wounded in action, as well as in the waste of hard-earned taxpayer dollars; and second, there is an overwhelming lack of transparency and level of incompetence that have together been the hallmarks of this administration. This report is based on the information the CBO has been able to analyze. Yet even the CBO has not had access to the full accounting of losses and damage to equipment and infrastructure, munitions stockpiles, materiel, and force posture.
 
“The CBO analysis also highlights the impact of Trump’s failed policy on the domestic and global economies, including increased inflation. Again, the Trump Administration has refused to provide all relevant information needed to make a full assessment, information that Congress and the American public need and deserve, meaning that this cost is likely even higher.
 
“The American people, and a majority in Congress, have made it overwhelmingly clear that Trump’s war must end now. The longer it drags out, the more likely we will find ourselves embroiled in another prolonged war, which is precisely what Trump promised voters he would never do.”