National Debt and the Cost of War
by REI INK
As of March 19, 2026, according to the U.S. Treasury “Debt to the Penny” dataset, which provides information about the total outstanding public debt, the National Debt was just over $39 Trillion. On March 1, the Debt was $38.8 Trillion. You can do the math.
The Cost of War
In a commentary published March 13, 2026, by Mark F. Cancian (Colonel, U.S. Marine Corps Reserve, ret.) and Chris H. Park of the Center for Strategic and International Studies (CSIS), the U.S. Department of War has reportedly informed Congress that the first six days (D+6) of the war cost $11.3 billion. Many estimates have the war costing the taxpayer between one and two billion dollars per day.
In its reporting, the New York Times provided few details on the estimate shared with Congress. The top line reportedly excludes the cost of “buildup of military hardware and personnel ahead of the first strikes” and appears to count only the operation’s unbudgeted costs. Subsequent reporting also indicates the $11.3 billion figure did not include any estimate of repairing facilities or replacing losses. Additionally, the costs of the war are not evenly distributed. The first several days were much more expensive than the subsequent days due to the types of munitions used.
According to CSIS, total expenditures are large enough for the administration to ask Congress for additional funds. Secretary of War Pete Hegseth confirmed the Pentagon is seeking approximately $200 billion in supplemental funding for the war against Iran to replenish munitions and support operations and indicated the figure could change.
In theory, Congress could redirect some of the $153 billion from the reconciliation bill toward Operation Epic Fury, but that would undermine the concept behind the increase: to build capability, not pay existing bills.
These estimates will not be the final word on war costs. The war, of course, continues, and surprises will occur. Further, these estimates do not include provisions for resupplying Israel, higher fuel costs, or increased domestic security — all of which are likely to be included in a final government-wide tally. In addition, there will be future veterans’ benefits for injured service members, though these are not customarily recognized in current budgets.
The Department of War continues to release limited information about ongoing operations, making future cost estimation difficult. If a ground war ensues, expect these costs to escalate. President Donald J. Trump has hinted at sending in 5,000 Marines and the Army’s 82nd Airborne Division.
Where is this money coming from? How much will be added to the National Debt? How will the war affect the stock market and retirement accounts? How will increased oil and gas prices affect home rehab/remodeling costs? Inflation? How will the war affect the real estate industry?
The Real Estate Market
The United States’ war with Iran is introducing new uncertainty to the real estate market as the spring homebuying season approaches.
With oil prices rising and global trade routes disrupted, fears of inflation are already impacting mortgage rates. The 30-year fixed-rate mortgage rose slightly on March 3 to 6.13% following a bigger jump on March 2 from 5.99% to 6.12%, according to Mortgage News Daily. According to Freddie Mac, as of March 19, 2026, the 30-year fixed-rate mortgage edged up to 6.22% and is expected to rise.
Prior to the bombings in the Middle East, the U.S. housing market was shaping up for a solid spring buying season, said Joel Berner, senior economist at Realtor.com. Price growth had slowed, inventory was up and mortgage rates were falling, leading to growing optimism.
While spring is typically the best time of year to sell, “uncertainty in the economy at large and in the housing market specifically may severely limit this home selling season from being what it could have been,” Berner said.
