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Plowshares into swords: Trump’s $1.5 trillion defense surge is the largest since World War II — and no one can explain how to pay for it

“MAGA was told an untruth by Trump — no foreign wars, no adventurism,” Steve Hanke told Fortune. “This is a massive militarization.”

By Nick LichtenbergApril 3, 2026
JPMorgan Chase CEO Jamie Dimon
Jamie Dimon says the U.S. was right to go to war with Iran: ‘Why the western world put up with all these proxy wars for 45 years is kind of beyond me’
By Tristan BoveApril 3, 2026
Bernie sanders angry pointing
Bernie Sanders calls out Bezos, Musk, Bloomberg, and Buffett in billionaire tax push: ‘The richest people in America have never ever had it so good’
By Catherina GioinoApril 3, 2026
macron
France, South Korea say they’ll work together on reopening Strait of Hormuz
By Kim Tong-Hyung, Hyung-Jin Kim and The Associated PressApril 3, 2026
Energy markets are having a Wile E. Coyote moment as oil supplies go off a cliff, expert says
Energy markets are having a Wile E. Coyote moment as oil supplies go off a cliff, expert says
By Jason MaApril 3, 2026
donald trump
A $10 billion ‘slush fund’ to pay TSA agents: Trump’s latest unilateral loophole, explained
By Jake AngeloApril 3, 2026
Latest Stories
Best certificates of deposit (CDs) for April 2026
Personal FinanceBest certificates of deposit (CDs) for April 2026
By Glen Luke FlanaganApril 3, 2026
Hers Hair Loss Minoxidil
HealthHers Hair Growth Review 2026: Pros, Cons, and More From Hands-On Testing
By Emily PharesApril 3, 2026
The Benefits of Red Light Therapy: Expert-Approved Advice
HealthThe Benefits of Red Light Therapy: Expert-Approved Advice
By Katherine Van DisApril 3, 2026
A woman working alone in an office
AIMIT created duplicate AI workers to tackle thousands of different tasks. The verdict? Most of the time AI is still just ‘minimally sufficient’
By Tristan BoveApril 3, 2026
Fortune 500 Power Moves: Which executives are gaining and losing power
C-SuiteFortune 500 Power Moves: Which executives are gaining and losing power
By Fortune EditorsApril 3, 2026
Dario Amodei sits in a white chair with his hands pressed together in front of a pink and orange background.
AIThe AI kill switch just got harder to find: LLM-powered chatbots will defy orders and deceive users if asked to delete another model, study finds
By Sasha RogelbergApril 3, 2026
Depressed worker feel tried after overwork and disappointed for his job or being fired.
EconomyThe jobs report looks good ‘for the wrong reasons,’ top economist warns: It’s hiding how many Americans are giving up
By Eva RoytburgApril 3, 2026
Microsoft is spending billions on AI—but even NASA astronauts can’t escape Outlook headaches
LawMicrosoft is spending billions on AI—but even NASA astronauts can’t escape Outlook headaches
By Marco Quiroz-GutierrezApril 3, 2026
More PoliticsPage 91 of 100
Ukraine amasses $43 billion for defense industry, Zelenskiy says
PoliticsUkraine amasses $43 billion for defense industry, Zelenskiy says
By Olesia Safronova, Daryna Krasnolutska and BloombergJune 21, 2025
  • Utah State Rep. Verona Mauga stands next to Arthur Afa Ah Loo, who was shot and killed in the "No Kings" protest
    SuccessArthur Folasa Ah Loo, the 39-year-old killed at the ‘No Kings’ protest, was a Project Runway contestant and designed clothing for ‘Moana 2’
    By Safiyah Riddle, Hannah Schoenbaum and The Associated PressJune 17, 2025
Federal judge blocks Trump effort to keep Harvard from hosting foreign students
PoliticsFederal judge blocks Trump effort to keep Harvard from hosting foreign students
By Collin Binkley, Albee Zhang and The Associated PressJune 21, 2025
Fed governor breaks ranks and says rate cuts could resume next month to prevent further cracks in the job market
EconomyFed governor breaks ranks and says rate cuts could resume next month to prevent further cracks in the job market
By Nino PaoliJune 21, 2025
Canadian Prime Minister Mark Carney smiles and looks to his right as he greets U.S. President Donald Trump, who stands straight and opens his mouth.
FinanceCanadians snapped up U.S. debt in April despite Trump’s tariffs, but the bond selloff tanked its value
By Greg McKennaJune 21, 2025
US President Donald Trump
PoliticsWall Street reports 65% chance that U.S. will intervene in Iran. Goldman Sachs says OPEC will be key buffer in oil volatility
By Eleanor PringleJune 20, 2025
Appeals court rules Trump had defensible rationale to seize California National Guard troops and can keep control
PoliticsAppeals court rules Trump had defensible rationale to seize California National Guard troops and can keep control
By The Associated PressJune 20, 2025
  • Donald Trump's TikTok account
    TechTrump says he will ‘probably’ extend the TikTok deadline again to buy its Chinese owners more time to sell it
    By The Associated PressJune 17, 2025
Trump extends TikTok divestment deadline for another 90 days without clear legal basis—or legal challenges
PoliticsTrump extends TikTok divestment deadline for another 90 days without clear legal basis—or legal challenges
By Barbara Ortutay and The Associated PressJune 20, 2025
Trump says U.S. businesses can’t afford all these holidays costing ‘billions of dollars’ as Americans mark end of slavery with Juneteenth
PoliticsTrump says U.S. businesses can’t afford all these holidays costing ‘billions of dollars’ as Americans mark end of slavery with Juneteenth
By Darlene Superville and The Associated PressJune 20, 2025
A photo of OpenAI CEO Sam Altman sitting on stage in front of the word OpenAI projected on a big screen behind him making a gesture with his right hand that looks like a line on a graph sloping steeply up to the right.
NewslettersPast the event horizon? OpenAI’s Sam Altman says so. New AI research backs him up
By Jeremy KahnJune 19, 2025
Israeli defense minister says Iran’s supreme leader ‘should not continue to exist’ after Iranian missiles wound 240
PoliticsIsraeli defense minister says Iran’s supreme leader ‘should not continue to exist’ after Iranian missiles wound 240
By The Associated PressJune 19, 2025
Farmers, ranchers, and hospitality managers face whiplash as Trump orders ease on ICE raids and then flip flops: ‘There’s fear and worry once more’
PoliticsFarmers, ranchers, and hospitality managers face whiplash as Trump orders ease on ICE raids and then flip flops: ‘There’s fear and worry once more’
By Paul Wiseman and The Associated PressJune 19, 2025
  • Bob Menendez speaks
    PoliticsFormer Sen. Bob Mendendez, angling for a pardon for his 11-year prison sentence, says he hopes Trump ‘cleans up the cesspool and restores the integrity to the system’
    By Michael R. Sisak, Larry Neumeister and The Associated PressJune 17, 2025
Anti-ICE protesters are pushed back by LAPD on Broadway during the "No Kings Day" protest in Downtown
LeadershipICE raids and immigration crackdowns are creating anxiety in the workplace. Here’s how business leaders can talk about it with employees
By Brit MorseJune 19, 2025
Speaker of the House Mike Johnson speaks at a podium with a placard reading "ONE BIG BEAUTIFUL BILL ACT." A portrait of George Washington hangs in the background.
FinanceGoldman Sachs says Trump’s spending plan won’t stop the national debt from hitting ‘unsustainable’ highs not seen since World War II
By Greg McKennaJune 19, 2025
U.S. approves twice-a-year shot to prevent HIV but cuts to public health and foreign aid cloud its prospects
HealthU.S. approves twice-a-year shot to prevent HIV but cuts to public health and foreign aid cloud its prospects
By Lauran Neergaard and The Associated PressJune 19, 2025
State Department restarts foreign student visa process but applicants will now have to unlock their social media accounts for review
PoliticsState Department restarts foreign student visa process but applicants will now have to unlock their social media accounts for review
By Matthew Lee, Alice Zhang and The Associated PressJune 19, 2025
Nippon Steel’s takeover of U.S. Steel is done but the companies didn’t release the national security deal struck with Trump
FinanceNippon Steel’s takeover of U.S. Steel is done but the companies didn’t release the national security deal struck with Trump
By Marc Levy and The Associated PressJune 19, 2025
Trump calls Fed chair Powell ‘stupid’ and ‘political’ after latest decision not to cut rates: ‘We have no inflation, we have only success’
PoliticsTrump calls Fed chair Powell ‘stupid’ and ‘political’ after latest decision not to cut rates: ‘We have no inflation, we have only success’
By Christopher Rugaber and The Associated PressJune 19, 2025
Thailand’s prime minister faces political crisis after phone call with former Cambodian leader gets leaked
PoliticsThailand’s prime minister faces political crisis after phone call with former Cambodian leader gets leaked
By AFPJune 19, 2025
Steve Eisman looks to his left and holds up two fingers.
Economy‘Big Short’ investor warns the precarious tariff environment reminds him of WWI—and a trade war would send the U.S. into a recession
By Sasha RogelbergJune 18, 2025
Unless the Trump family secretly built a U.S. factory, industry experts say the $500 made-in-America smartphone is a fantasy
TechUnless the Trump family secretly built a U.S. factory, industry experts say the $500 made-in-America smartphone is a fantasy
By Verne KopytoffJune 18, 2025
Tesla and SpaceX CEO Elon Musk gestures as he speaks during the inaugural parade inside Capitol One Arena, in Washington, DC, on January 20, 2025.
LeadershipElon Musk’s X sues New York State over law requiring social media sites disclose how they tackle hate speech
By Christiaan HetznerJune 18, 2025
Senate GOP would gut EV incentives and provisions to move U.S. away from fossil fuels in massive tax cut bill
PoliticsSenate GOP would gut EV incentives and provisions to move U.S. away from fossil fuels in massive tax cut bill
By Alexa St. John and The Associated PressJune 18, 2025
Trump will sign an executive order this week giving TikTok owner its third deadline extension to divest the app
PoliticsTrump will sign an executive order this week giving TikTok owner its third deadline extension to divest the app
By Aamer Madhani and The Associated PressJune 18, 2025
Participants of the G7 Finance Ministers and Central Bank Governors' Summit, including finance leaders and heads of international financial institutions, gather and prepare for the official family photo in Banff, Alberta, Canada, on May 21, 2025.
FinanceCentral banks have dumped $48 billion in Treasuries as foreign wealth officials divorce the dollar
By Greg McKennaJune 18, 2025
Iranians living in Europe are torn between the hope for a new era and concern for their loved ones
PoliticsIranians living in Europe are torn between the hope for a new era and concern for their loved ones
By Jean-Philippe Lacour, Caroline Taix and AFPJune 18, 2025
Los Angeles mayor lifts curfew imposed last week during nighttime protests against Trump’s immigration crackdown
PoliticsLos Angeles mayor lifts curfew imposed last week during nighttime protests against Trump’s immigration crackdown
By MIchael R. Blood, Jaimie Ding and The Associated PressJune 18, 2025
Donald Trump, sitting at his desk in the Oval Office, looks down at his phone.
TechTrump’s $499 ‘built in the U.S.’ smartphone will likely be made in China, analysts say, making it subject to his own tariff policy
By Sasha RogelbergJune 18, 2025
Congressional Budget Office digs further into ‘Big, Beautiful Bill’ and now says it will raise deficit by $2.8 trillion, $441 billion more than before
FinanceCongressional Budget Office digs further into ‘Big, Beautiful Bill’ and now says it will raise deficit by $2.8 trillion, $441 billion more than before
By Fatima Hussein, Lisa Mascaro and The Associated PressJune 18, 2025
Legal experts and economists sound the alarm over the EU’s sustainability rules rollback
EconomyLegal experts and economists sound the alarm over the EU’s sustainability rules rollback
By David VetterJune 18, 2025
An advertisement for Fanduel in New Orleans
FinanceLouisiana’s plan to pay college athletes more money? Tax the sports-betting apps
By David A. Lieb and The Associated PressJune 17, 2025
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Real Estate
Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech townsplaceholder alt text
By Fortune EditorsApril 2, 2026
Success
Major 4-day workweek study suggests that when we work 5 days we spend one doing basically nothingplaceholder alt text
By Fortune EditorsApril 2, 2026
Economy
Paul Krugman smacks down Trump speech with argument that $4 gas is ‘less than half’ of the Hormuz hit. Here’s what he’s talking aboutplaceholder alt text
By Fortune EditorsApril 2, 2026
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