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Trump's Iran Conflict Risks $1.9T Deficit, Rising Oil Prices

3/28/2026

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Summary

Story summary

Opponents of U.S. President Donald Trump’s Iran war warn of costs and rising gas prices.
Logan McMillen, a researcher, warns of a $1.9 trillion deficit and nearly $39 trillion debt.
The conflict disrupts energy supply chains, pushing oil prices higher and risking a credit downgrade.
McMillen says the United States cannot rely on its pristine rating for treasuries.
He identifies two Federal Reserve paths: monetizing wartime deficits or raising rates.

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Story summary

Opponents of U.S. President Donald Trump’s Iran war warn of costs and rising gas prices.
Logan McMillen, a researcher, warns of a $1.9 trillion deficit and nearly $39 trillion debt.
The conflict disrupts energy supply chains, pushing oil prices higher and risking a credit downgrade.
McMillen says the United States cannot rely on its pristine rating for treasuries.
He identifies two Federal Reserve paths: monetizing wartime deficits or raising rates.