President Donald Trump won't be saluting smart U.S. troops as they proudly march down Pennsylvania Avenue in Washington D.C. on Veteran's Day. His grandiose military parade has been canceled because it would have cost way too much.

The U.S. Department of Defense (DoD) confirmed the Veterans Day military parade ordered by Trump won't take place on Nov. 11. The DoD and the White House instead "have now agreed to explore opportunities in 2019."

The reason for the cancellation: ballooning costs. Reports coming out last week estimated this display of U.S. military power would have cost American taxpayers some $92 million. That's eight times higher than the White House's initial estimate of only $10 million.

Earlier this year, White House budget director Mick Mulvaney told Congress the cost to taxpayers could be $10 million to $30 million. Of the $92 million cost, $50 million would have been incurred by the Pentagon's service personnel, military equipment, overflying military aircraft and other costs. The remaining $42 million would have gone to security costs and costs borne by Washington D.C. and other agencies.

Trump, however, refused to admit he was mistaken in demanding the parade and insisted the local government of Washington led by its Democratic Mayor Muriel Bowser was to blame for the cancellation. He alleged Washington wanted to make a ton of money off the parade.

Trump tweeted the local Washington politicians know a windfall when they see it. He falsely claimed that when Washington officials were asked to give us a price for holding the military parade, they gave a number so ridiculously high he canceled it.

The city estimated the parade would have cost it more than $21 million. Trump seized on this as his reason for canceling his parade. Mayor Bowser was having none of it, however.

She tweeted in response to Trump that she's the local politician who finally got thru to Trump about the reality the parade would have cost Washington $21.6 million. Trump decided he wanted a military parade in Washington after attending France's Bastille Day celebration in 2017.

White House officials said Defense Secretary Jim Mattis had not yet approved the cancellation. Mattis later said he had neither seen the $92 million estimate nor the media reports making this claim. The parade's cost, however, was confirmed by numerous White House officials.

The parade's price tag became contentious after Trump canceled a major military exercise planned for August with South Korea. Trump said the drills were provocative and that canceling them would save a tremendous amount of money. The Pentagon later said the Korea drills would have cost only $14 million.

Pentagon spokesman Lt. Col. Jamie Davis earlier said the DoD planning for the parade "continues and final details are still being developed. Any cost estimates are pre-decisional."