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The pursuing is the transcript of the interrogation with Kevin Hassett, manager of the White House National Economic Council, that aired connected "Face the Nation with Margaret Brennan" connected May 24, 2026.
NANCY CORDES: Welcome backmost to Face the Nation. We crook present to the Director of the National Economic Council, Kevin Hassett, who joins america from the White House North Lawn. Kevin, convey you truthful overmuch for being with me.
KEVIN HASSETT, DIRECTOR NATIONAL ECONOMIC COUNCIL: Great to beryllium here. Thank you.
NANCY CORDES: I privation to commencement by getting your instrumentality connected the authorities of the economy, due to the fact that a benignant of confusing representation emerged this week. The Dow Jones deed an all-time high, and yet user sentiment deed an all-time low. Mortgage rates deed a 9 period peak, ostentation is up, net astatine large container stores similar Walmart are up, successful portion due to the fact that radical from crossed the income spectrum are being drawn to debased prices close now. Are determination tempest clouds gathering successful the economy?
: No, I don't deliberation determination are tempest clouds gathering astatine all. And, successful fact, let's commencement with the user sentiment number, due to the fact that that was a fig that was precise striking to maine and to you. I cognize erstwhile it came successful very, precise low, and what we did is we went to their website and we looked that they really interruption it retired by governmental affiliation, truthful they person it for Democrats, independents, and Republicans. And if you look astatine it, user sentiment astatine the benignant of highest of the Biden inflation, the stagflation was mode supra 100 and it's dropped each the mode down into the debased 30s now, astir the lowest it's ever been for Democrats, but for Republicans it's held astir steady, and if you look astatine it, independents and Democrats are truly highly correlated, which suggests to america that their illustration is Democrats, and truthful if you spell to user confidence, which is thing that's actually, I think, a much technological survey, the user assurance is accordant with each the different affirmative numbers we're seeing close now.
NANCY CORDES: But you don't quality that the warfare has taken a toll connected parts of the economy
: Right now, user assurance is the highest it's been since the opening of the year, and truthful you don't spot a toll of the warfare connected user confidence, which is the Conference Board survey, but again, GDP now, the Atlanta Fed's estimation of 2nd 4th GDP is northbound of 4%. We've got archetypal claims for unemployment security arsenic debased arsenic they've been since the 60s, and truthful there's truthful overmuch going connected that is really, I think, astonishing radical that deliberation that the disruption from the Middle East is going to harm the economy. It's conscionable not determination successful the data, but for the user sentiment data, but I really deliberation that we should halt calling it user sentiment and commencement calling it governmental sentiment, due to the fact that the variables truly are- it's truly a governmental adaptable and not an economical variable.
NANCY CORDES: The information connected state prices is beauteous undeniable. Memorial Day play state prices are astatine a 4 twelvemonth high. AAA says they'll stay elevated passim the summer, astatine least. Last month, you said that precocious state prices would beryllium a impermanent phenomenon. Did the White House overgarment excessively rosy a representation of the interaction that this warfare would person by emphasizing that this was going to beryllium a 4 to six week excursion.
: Well, I deliberation the 4 to six week was an close statement of similar erstwhile the benignant of progressive kinetic events were going to happen. Right now, I'll fto the president determine connected whether helium thinks the woody is acceptable to spell this week oregon not. But the bottommost enactment is, erstwhile the straits are open, past the tankers are going to spell backmost and they're going to refill the refineries astir close away. A tanker goes astir 300 nautical miles a day, and truthful the places similar India and Pakistan, which are adjacent to the straits, are going to get their lipid and past crook it into refined merchandise close away. Singapore, which is 1 of the places wherever pitchy substance prices are the highest, is going to get its worldly conscionable astir close away, but if you're down successful New Zealand, it'll instrumentality a small spot longer, but really, similar betwixt a period and 2 months, we expect everybody to person each the lipid they request astatine each refinery connected earth.
NANCY CORDES: Well, we cognize that things volition get amended erstwhile the strait reopens. The question is, erstwhile volition it reopen.
: Right. Well, that's thing for the President and Marco Rubio and the Iranians to enactment out.
NANCY CORDES: I recognize that arsenic Director of the White House Economic Council, this $1.8 cardinal anti-weaponization money is not portion of your portfolio, but the backlash to that money did derail a measure this week that included backing for ICE and the CBP, and authorities backing is portion of your portfolio, truthful what is the medication doing, if anything, to effort to chill members of the president's ain enactment down connected this issue? They seemed truly aggravated and truly blindsided.
: Well, I don't cognize if crossed the committee they were, but there's surely immoderate radical who felt that way. And our caput of limb affairs, James Braid, is simply a existent professional. He's been talking to everybody, he's been arranging for telephone calls with those of america astatine the White House that privation to speech to radical and perceive people's concerns, but the bottommost enactment is that you cognize we expect the advancement that the President wants to spot successful Congress to happen. Congress has delivered implicit and implicit nether the enactment of Mike Johnson, and truthful I recognize that, you know, there's thing that was a small spot antithetic this week than possibly you expected, but I don't expect that to spell on. And 1 happening we've seen from primaries is that radical that subordinate the president mostly regret it politically.
NANCY CORDES: The Wall Street Journal editorial committee truly took a swipe astatine the president implicit that fund, implicit the ballroom connected Saturday. They said, quote, Republicans don't privation to accidental this publicly, but privately they do. President Trump's idiosyncratic governmental obsessions are hurting his presidency, hurting the chances for further overseas argumentation gains, and putting power of the House and Senate successful jeopardy. Does the President recognize that helium is putting Republicans successful a pugnacious spot by forcing them to instrumentality votes connected things that are unpopular, similar the fund, similar the ballroom, similar the warfare successful a midterm predetermination year.
: Look, I respect the Wall Street Journal precise much. I saw Paul Gigot astatine the Kevin Ward signing successful conscionable connected Friday, but the bottommost enactment is the president believes that the ballroom is thing that should person been determination for a agelong time, and he's utilizing his ain wealth and the wealth of donors to marque it truthful that the taxpayers don't person to wage for that ballroom, and arsenic acold arsenic weaponization, I don't deliberation that you oregon I would disagree--
NANCY CORDES: Well, they would person to wage a cardinal dollars, correct?
: No, it's not for the ballroom, that's for securing the full White House. And, my goodness, to reason astir that aft we were each present yesterday, I really wasn't here, I was astatine my home, a mates blocks distant erstwhile the shooting happened. Of course, we've got to marque the White House much secure, but connected the $1.8 cardinal money for weaponization, I don't deliberation you would disagree, right? The erstwhile medication and the Obama medication weaponized authorities against President Trump, and what helium wants to bash is marque definite that ne'er happens again and compensate the radical who were the targets of the demolition of their lives, what they would bash is they would telephone radical successful to Jack Smith's office, and past hide them successful subpoena requests and bankrupt them, and that's thing that should ne'er hap again, never. And I deliberation that I- I uncertainty that there's anyone that disagrees with that.
NANCY CORDES: Kevin Hassett, the Director of the National Economic Council, admit your clip this morning.
: Thank you. Same here.
NANCY CORDES: And we'll beryllium close back.
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