Hegseth Defends Iran War, Powell Stays On As Fed Chair, SCOTUS Voting Rights Case

April 30, 2026

AI Summary

5 min read

The Pentagon has disclosed that the U.S. military has spent $25 billion so far on ammunition, jet fuel, and other expenses in the war with Iran, a figure that does not include the mounting economic damage from the conflict. Meanwhile, Federal Reserve Chair Jerome Powell has announced he will remain on the Fed’s governing board after his term as chairman ends next month, denying President Trump the chance to name a replacement. And the Supreme Court’s conservative majority has issued a ruling that makes it significantly harder to challenge voting maps under the Voting Rights Act, potentially reshaping congressional representation across the country.

The $25 Billion War and the Stalled Strait of Hormuz

The Pentagon’s $25 billion estimate for the Iran war covers only direct military expenses like ammunition and jet fuel. A Pentagon official offered that number in testimony before Congress, where Defense Secretary Pete Hegseth also testified. The economic damage extends far beyond that figure, as the U.S. and Iran continue to block traffic through the Strait of Hormuz, a critical chokepoint for global oil shipments.

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What you'll learn

1 (00:27) **$25 Billion Price Tag on the Iran War** - The Pentagon reveals the initial cost of the military campaign against Iran, as Defense Secretary Pete Hegseth defends the strategy.
2 (03:07) **Strait of Hormuz Blockade Stalls Shipping** - Both the US and Iran maintain a near-total standstill of shipping traffic, each believing the other will blink first.
3 (06:22) **Jerome Powell Stays on Fed Board** - The outgoing Fed chair will remain on the governing board, denying President Trump the chance to name a replacement and safeguarding the Fed's independence.
4 (07:43) **Interest Rates and the Inflationary War** - The Fed holds rates steady, but the war with Iran is driving up energy prices and complicating the inflation outlook.
5 (08:48) **First Quarter GDP Shows Strength** - The economy appears stronger than at the end of last year, driven by wealthy spending and business investment.
6 (10:03) **Supreme Court Rewrites Voting Rights Rules** - The conservative majority makes it much harder to challenge voting maps for racial discrimination, potentially leading to a decline in Black congressional representation.
7 (12:31) **Immediate Impact on Midterm Elections** - Republican-controlled states may try to redraw maps, but timing is tight for the 2025 midterms.

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Guests on this episode

Pete Hegseth Jerome Powell

Show Notes

The Pentagon estimates the war with Iran has already cost 25 billion dollars as Defense Secretary Pete Hegseth defended the cost of the war in a hearing before the House Armed Services Committee on Wednesday.
Federal Reserve Chair Jerome Powell says he will remain on the central bank’s board after his term ends next month to shield the agency from political pressure.
The Supreme Court ruled Wednesday that the Voting Rights Act only prohibits congressional maps intentionally drawn to discriminate based on race, a decision that could make it much harder to challenge aggressive Republican-led redistricting efforts.

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Today’s episode of Up First was edited by Andrew Sussman, Rafael Nam, Ben Swasey, Mohamad ElBardicy, and Ally Schweitzer.

It was produced by Ziad Buchh and Nia Dumas.

Our director is Christopher Thomas.

We get engineering support from Neisha Heinis. Our technical director is Carleigh Strange.

And our deputy Executive Producer is Kelley Dickens.

(0:00) Introduction
(02:18) Hegseth Defends Iran War
(06:07) Powell Stays On As Fed Chair
(09:55) SCOTUS Voting Rights Case

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