The following is the transcript of the interview with Kevin Hassett, director of the White House National Economic Council, that aired on "Face the Nation with Margaret Brennan" on May 24, 2026.
NANCY CORDES: Welcome back to Face the Nation. We turn now to the Director of the National Economic Council, Kevin Hassett, who joins us from the White House North Lawn. Kevin, thank you for being with me.
KEVIN HASSETT, DIRECTOR NATIONAL ECONOMIC COUNCIL: Great to be here. Thank you.
NANCY CORDES: I want to start by getting your take on the state of the economy. This week, the Dow Jones hit an all-time high, while consumer sentiment reached an all-time low. Mortgage rates are at a nine-month peak, inflation is increasing, and earnings at major retailers like Walmart are up, partly due to consumers seeking low prices. Are there concerns about the economy?
KEVIN HASSETT: I do not see any storm clouds gathering. Regarding consumer sentiment, the recent data was striking. While the number is low, we found that consumer sentiment varies by political affiliation. For Democrats, it has dropped significantly, while it has remained steady for Republicans. This suggests that the data may reflect political sentiment rather than economic conditions. Consumer confidence, which is a more reliable measure, is consistent with positive economic indicators.
NANCY CORDES: However, you acknowledge that the war has impacted parts of the economy.
KEVIN HASSETT: Currently, consumer confidence is at its highest since the beginning of the year. The data does not indicate a negative impact from the war on consumer confidence. The GDP estimate for the second quarter is above 4%, and unemployment claims are at their lowest since the 1960s. These figures suggest that the anticipated disruption from the Middle East is not reflected in the economic data, aside from consumer sentiment, which I believe is more political in nature.
NANCY CORDES: Gas prices are at a four-year high ahead of Memorial Day weekend. Last month, you mentioned that high gas prices would be temporary. Did the White House misrepresent the impact of the war by suggesting it would be a short-term issue?
KEVIN HASSETT: The four to six-week timeframe was accurate for the active military events. Once the straits are open, tankers will quickly resume operations. It will take about one to two months for oil to be fully available at refineries worldwide, depending on their location.
NANCY CORDES: The key question is when the strait will reopen.
KEVIN HASSETT: That is a decision for the President and other leaders to negotiate.
NANCY CORDES: The $1.8 billion anti-weaponization fund is outside your portfolio, but its backlash affected a recent funding bill for ICE and CBP. What is the administration doing to address concerns from members of the president's party?
KEVIN HASSETT: While some members expressed concerns, our legislative affairs head, James Braid, is actively communicating with them. We expect progress in Congress, as it has been achieved consistently under Mike Johnson's leadership. Although there was some unexpected pushback this week, I do not anticipate it continuing. Historically, those who oppose the president in primaries face political repercussions.
NANCY CORDES: The Wall Street Journal editorial board criticized the president regarding the fund and other issues, suggesting that his personal political interests are harming his presidency.
SOURCE: cbsnews.com