Story perspectives

Trump Vows Retaliation After Iran Strike, $95B War Budget

7/22/2026

Summary

Trump Vows Retaliation

U.S. President Donald Trump vowed retaliation after the United States struck Iran for the tenth night on Monday.
Brent crude rose above $90 a barrel, reaching $91.55 on Tuesday.
The S&P 500 slipped, staying about 2% below its June peak, as the 10-year Treasury yield hovered at 4.628%.
The Nasdaq 100 jumped 1.9%—its best day since June 29—while AI chip makers rose 8-12% and the Kospi climbed 6%.

Summary

Hegseth Presents Budget

Secretary Pete Hegseth testified on July 21, presenting a $95 billion budget that earmarks $67.1 billion for the Iran war.
Senators warned the conflict could become “another forever war,” citing 17 deaths and 100 injuries since early July, and passed war-powers resolutions urging President Donald Trump to seek congressional authorization.
Senate Democratic Leader Chuck Schumer rebuked Hegseth for promoting testosterone-screening programs instead of releasing casualty figures after 450 members were injured.

History

Historical Context

The 2001 Authorization for Use of Military Force, passed by the 107th Congress on September 14 and signed September 18, gave President Bush sweeping authority to target anyone linked to the September 11 attacks. Historians note it has funded operations in more than 20 countries and underpins today’s $95 billion Iran war budget, promoted by Pentagon secretary Pete Hegseth and challenged by Senate leader Chuck Schumer.

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Trump Vows Retaliation

U.S. President Donald Trump vowed retaliation after the United States struck Iran for the tenth night on Monday.
Brent crude rose above $90 a barrel, reaching $91.55 on Tuesday.
The S&P 500 slipped, staying about 2% below its June peak, as the 10-year Treasury yield hovered at 4.628%.
The Nasdaq 100 jumped 1.9%—its best day since June 29—while AI chip makers rose 8-12% and the Kospi climbed 6%.

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