Trump rejects Iran’s offer, Pentagon CFO gives cost of war so far

The United States would reject Iran’s latest offer to open the Strait of Hormuz in exchange for the U.S. lifting its blockade and putting the nuclear program issue on hold, President Donald Trump told Axios on Wednesday. 

Additionally, Trump told aides to prepare for a longer blockade. Meanwhile, the U.S. Central Command celebrated redirecting another vessel Wednesday, the 42nd one since the blockade began, and Adm. Brad Cooper called it a "significant milestone." He added that the previous 41 ships held a combined 69 million barrels of oil and estimated the loss to the Iranian government at $6 billion. 

While the ceasefire is holding, the American public learned of the cost of the conflict. Pentagon CFO Jules W. Hurst III estimated the U.S. has spent $25 billion, mostly on munitions, so far. During a nearly six-hour hearing on Capitol Hill on Wednesday, Defense Secretary Pete Hegseth refused to answer a congress member's questions about how long the war may last or what the final bill could be.

Here's a look back at what happened on Thursday: 

Hegseth says ceasefire pauses 60-day deadline for Iran war 

2 p.m. ET: Trump's war in Iran is facing a key deadline Friday under the War Powers Act, a law passed in the early 1970s meant to divide authority over military action between Congress and the president. 

The U.S. and Israel launched the war against Iran on Feb. 28. Unless a Declaration of War has already been passed or Congress has authorized deploying forces, the president has 48 hours after deploying troops to send a written report to congressional leadership explaining the decision. The Trump administration sent that report to Congress on March 2, which sets the 60-day deadline to Friday.  

If Congress doesn’t authorize further action within 60 days, the resolution requires that the president "terminate any use" of the armed forces. The law allows the president to extend the period for an additional 30 days to safely withdraw forces from hostilities, but it does not grant him authority to continue an offensive campaign. 

Asked about the deadline Thursday, Secretary of War Pete Hegseth said he believes the indefinite ceasefire pauses the 60-day deadline, indicating that the administration has no plans to start withdrawing forces on Friday. 

Sen. Tim Kaine, a Virginia Democrat, questioned the legality of Hegseth's claims. 

Hegseth, Caine set for another day before Congress

8:11 a.m. ET: Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff Dan Caine are expected to face the Senate Armed Services Committee today. 

Lawmakers are expected to question their handling of the Iran war and their proposed military budget for 2027. 

USS Ford heading home

6:18 a.m. ET: The USS Gerald Ford will be heading home after a record deployment overseas. 

The Ford spent over 300 days at sea participating in the Iran war and capture of former Venezuelan President Nicolás Maduro.

The ship broke the U.S. record for longest post-Vietnam War deployment. It will be leaving the Middle East in the next few days and expected to arrive back at its home port in Norfolk, VA in June.