Updated May 24, 2026 / CBS News
This is a rewritten account of the interview with Kevin Hassett, Director of the White House National Economic Council, on Face the Nation with Nancy Cordes.
Nancy Cordes opened by asking Hassett to assess the economy, noting mixed signals: the Dow at record highs while consumer sentiment plunged, mortgage rates rising, inflation ticking up, and strong sales at discount retailers like Walmart. Cordes asked whether these signs point to trouble ahead.
Hassett replied that he does not see storm clouds. He focused on the unusually low consumer sentiment reading, explaining that the survey can be broken down by political affiliation. He said Democratic responses have fallen sharply compared with earlier periods, while Republican responses remain relatively steady; independents and Democrats move together in that particular sample. Because of this, he argued the measure looks more like a political indicator than a straightforward economic one. Hassett suggested consumer confidence measures, such as the Conference Board’s survey, align better with other positive economic indicators.
Cordes pressed on the economic impact of the Middle East war, pointing to higher gas prices. Hassett noted that consumer confidence in the Conference Board survey is at its strongest level since the start of the year, and other data are encouraging: Atlanta Fed nowcasts show robust Q2 GDP growth north of 4%, and initial jobless claims are at multi‑decade lows. He said he doesn’t see evidence in the data that the conflict has harmed the U.S. economy, aside from the politically skewed consumer sentiment series.
On gas prices, Cordes observed Memorial Day weekend pump prices were at four‑year highs and AAA expected high prices through the summer. She asked whether the White House was overly optimistic when it characterized higher fuel costs as a temporary, four‑to‑six‑week phenomenon.
Hassett clarified that the White House was describing the likely duration of active military operations, not the full timeline for market effects. He explained that once the strait reopens, tankers will resume normal routes and refineries will be restocked fairly quickly—he estimated many regions would be resupplied within a month or two, though places farther away could take longer. When asked who will decide when the strait reopens, he said that is a matter for the President, Senator Marco Rubio, and the Iranians to resolve.
Cordes then shifted to the political fallout from a $1.8 billion anti‑weaponization fund that helped derail a broader funding bill this week, including money for ICE and CBP. While Hassett noted the fund itself isn’t in his portfolio, he said the White House is engaging with members of the president’s party. He praised the administration’s legislative affairs lead, James Braid, for reaching out and arranging conversations with White House officials to address concerns.
Hassett acknowledged some members felt blindsided but expressed confidence that the kinds of cooperation Congress has shown under Speaker Mike Johnson would continue. He added that primary voters tend to punish lawmakers who break with the president.
Cordes cited criticism from the Wall Street Journal editorial board, which argued the president’s personal priorities—like the White House ballroom and contentious policy moves—are hurting Republican prospects. She asked whether the president appreciates that forcing votes on unpopular measures could jeopardize control of Congress.
Hassett responded that the president believes the ballroom has been needed for a long time and is funding it privately so taxpayers aren’t on the hook. He disputed the characterization that the $1.8 billion was for the ballroom—saying most of the money is for broader White House security—and defended the administration’s posture on weaponization. Hassett argued previous administrations weaponized government against political opponents and said the fund is intended to prevent that from happening again and to compensate people he said were harmed by those actions.
The interview concluded with Cordes thanking Hassett for his time and Hassett returning the thanks.