A new dispute is emerging over the true price of the Iran war, after Pete Hegseth put the cost at $37.5 billion while outside analysts argued the real total could be far higher. Based on expert estimates cited in the report, the full burden on U.S. taxpayers may exceed $100 billion.

The gap appears to center on what gets counted. The lower figure reflects an official government estimate, while analysts say a broader accounting should include damage to U.S. bases and military equipment tied to the conflict. That wider approach can push the overall cost well beyond the headline number released by the government.

The debate highlights a familiar problem in measuring war spending: narrow budget totals often capture direct outlays, but not every military loss or follow-on expense. When damaged assets, repairs and related operational costs are added, the final bill can rise sharply.

The latest figures are likely to intensify scrutiny of how the administration and defense officials present the financial impact of the Iran war. Even without a final consensus, the difference between $37.5 billion and more than $100 billion shows how contested wartime accounting can be when taxpayers are trying to understand the true cost.