The next is the transcript of the interview with Kevin Hassett, Nationwide Financial Council director, that aired on “Face the Nation with Margaret Brennan” on Nov. 9, 2025.
MARGARET BRENNAN: We start this morning with the Director of the White Home Nationwide Financial Council, Kevin Hassett. That is now the longest shutdown in American historical past. The treasury secretary instructed us two weeks in the past November 15 was the laborious cease for any paychecks going to US troops. Does that stay the purpose of exhaustion?
KEVIN HASSETT, DIRECTOR, NATIONAL ECONOMIC COUNCIL: Proper, I feel that- that’s about the suitable quantity. And the issue is that below the legislation, we’re not allowed to spend cash that hasn’t been appropriated. And there’s a legislation, the Antideficiency Act, that claims that if a authorities official spends cash that isn’t appropriated by Congress, which can solely occur if the Democrats vote to open up the federal government, then you can even have legal penalties. And so persons are very rigorously learning the legislation and attempting to get as a lot cash out the door as is authorized. And we’re very glad that we discovered a strategy to get a whole lot of the SNAP cash out, however it’s actually pushing the boundaries of the legislation, which is why the Supreme Court docket needed to take that ruling from Rhode Island and put it on maintain.
MARGARET BRENNAN: Till the decrease courtroom guidelines–
HASSETT: Till the decrease courtroom goes again and comes up with a authorized justification for what they mentioned, as a result of there in all probability isn’t one, sadly, which is why we now have to get this authorities open. I imply, the actual fact is Goldman Sachs, they’ve a high financial workforce, and so they’re estimating that we’ve already knocked about 1.5% off of GDP. I feel that quantity might be low if we maintain going even a pair extra weeks, as a result of there’s going to be an enormous quantity of air disruption, particularly across the holidays. And certainly one of this stuff every so often once we’re speaking economics, you and I, we speak about seasonal changes and issues like that. However the reality is that Thanksgiving, that Thanksgiving time, is without doubt one of the hottest instances of the 12 months for the economic system. It’s Black Friday, you already know, and all that form of stuff. And if folks aren’t touring at that second, then we actually may very well be taking a look at a destructive quarter for the fourth quarter.
MARGARET BRENNAN: Which is considerably disruptive to the president’s agenda. However to the purpose you have been simply making about meals stamps, and we noticed this Friday, a short lived keep by the Supreme Court docket that might block full meals stamp advantages pending the decrease courtroom resolution. The administration’s argument, as you simply referenced there, was that it will be unlawful to maneuver round funding and to faucet the Part 32 account on the USDA. However why not do that as a brief time period patchwork answer? As a result of you may have discovered methods with the army pay to stretch issues out. Why prioritize in that case and never achieve this with meals?
HASSETT: Nicely, the president’s job, and all of our jobs, is to uphold the legislation. And when- I’m not a lawyer, however when the attorneys inform us–
[CROSSTALK STARTS]
MARGARET BRENNAN: However are–
HASSETT: what we are able to do–
MARGARET BRENNAN: — that wasn’t achieved with the army.
HASSETT: However, however, however yeah, I feel that the army is completely different due to the commander-in-chief stuff. However the authorized evaluation means that we’re doing every thing by the ebook, after which stretching issues as a lot as we are able to, and mainly attempting to maintain folks from committing crimes. Which you already know, you already know about- within the season of lawfare, in case you are a cupboard secretary and also you spend cash that’s not appropriated for that goal in your cupboard, then they’ll come again and so they can take you to courtroom.
MARGARET BRENNAN: However you’re additionally making a political guess that Democrats aren’t going to problem paying the army. Do you actually suppose Democrats would problem and take to courtroom paying folks for his or her meals stamp advantages?
HASSETT: Let’s simply say that we’ve seen Democrats–
MARGARET BRENNAN: –if, if Congress goes to fund it, when the shut- shutdown ends?
HASSETT: We- we’ve seen Democrats take to courtroom folks that- on actually, actually poor costs, and so I feel they’re prone to do something.
MARGARET BRENNAN: Nicely, it appears a political calculation is the purpose.
HASSETT: Nicely, we, we don’t have a political calculation. Our calculation is to get the federal government open, to get the meals stamps to folks, and to get folks to be paid, 750,000 authorities employees aren’t getting paid proper now. I do know you’re speaking to the Governor of Maryland in a minute. I’m positive his persons are actually hurting. Let’s simply get the federal government open, after which let’s speak about issues just like the healthcare premiums, however do this by means of common order.
MARGARET BRENNAN: So, it seems like you’re saying the place is identical, open the federal government, then we’ll speak about healthcare. However the president, simply previously 36 hours, has put out a variety of social media posts. It sounds type of like he’s proposing one thing in regard to medical insurance funds. He mentioned, I’m recommended- to Senate Republicans that lots of of billions of {dollars} at the moment being despatched to money-sucking insurance coverage corporations to save lots of unhealthy healthcare supplied by Obamacare now be despatched to the folks to allow them to buy their very own significantly better healthcare. He additionally mentioned they need to terminate Obamacare. What does this various system appear to be? As a result of the whole standoff is about healthcare proper now.
HASSETT: Proper. Nicely, the president is, you already know, an exquisite tactician, an exquisite negotiator–
MARGARET BRENNAN: That is an off–
HASSETT: –And this is- you already know, what he mentioned, he’s brainstorming and attempting to assist the Senate provide you with a deal that may get the federal government open. And one of many issues you can do is conservatives consider that they don’t need the federal government to micromanage folks’s lives. And you already know, all people believes that individuals ought to have healthcare, and so why not take the individuals who have larger healthcare premiums and simply mail them a verify and allow them to determine? The rationale why it may have an impact is that there are a number of tiers below the Reasonably priced Care Act of various kinds of insurance coverage, and it may very well be that individuals would fairly have the cash and go from like, you already know, this sort of plan to that form of plan and save themselves a little bit bit. And in order that’s, that’s, you already know, mainly giving the folks a possibility to make extra decisions than the federal government normally lets them.
MARGARET BRENNAN: Is that this the Senator Cassidy proposal?
HASSETT: I’m positive that Senator Cassidy and President Trump talked about it, however whether or not he agrees with every thing that Cassidy- I haven’t talked to him about it but.
MARGARET BRENNAN: Nicely, does the Republican chief within the Senate settle for–
HASSETT: –The president–
MARGARET BRENNAN: –this proposal?–
HASSETT: — the president began this concept yesterday, I don’t suppose that it’s been mentioned broadly within the Senate but.
MARGARET BRENNAN: So the president–
HASSETT: It’s the weekend.
MARGARET BRENNAN: –The Senate’s in session this weekend–
HASSETT: –Sure, the Senate is in session this weekend and we’re–
MARGARET BRENNAN: as a result of they’re attempting to finish the shutdown–
HASSETT: –And right here I’m.
MARGARET BRENNAN: However this isn’t the Republican Get together’s place.
HASSETT: As of proper now, it’s not the Senate place, however the president thought it was one thing they need to take into consideration.
MARGARET BRENNAN: Nicely, he appears to be negotiating earlier than the federal government’s open.
HASSETT: He’s speaking to his colleagues within the Senate on the Republican facet.
MARGARET BRENNAN: However you’d agree that there does should be a deal on healthcare, that healthcare prices are too excessive.
HASSETT: Nicely, I feel that in case you take a look at the Reasonably priced Care Act, these premiums weren’t made everlasting by the Democrats through the COVID emergency as a result of they’re nervous in regards to the budgetary prices. And so in case you take a look at the premium will increase, they don’t have an effect on most individuals beneath two instances the poverty line, thrice the poverty line. However there are a whole lot of senior residents which might be above, like, round 4 instances the poverty stage, which with a husband and spouse workforce could be about 120,000, which might be seeing actually large premium will increase. And I feel that everyone’s going to wish to take into consideration what the subsequent step for that might be, as a result of are seeing- once more most individuals aren’t seeing a lot of a rise in any respect, however the most will increase you’re seeing may very well be as much as about $500 a month for seniors who’ve actually expensive plans.
MARGARET BRENNAN: The president has additionally been speaking about affordability, and our CBS polling reveals the president’s approval ranking on the economic system has dipped to 38%, the bottom of this time period. 75% of these polled say he’s not focusing sufficient on decreasing costs, however the president mentioned this week Democrats are making it up and quote, “every price is down.” I’m positive you already know the Shopper Value Index confirmed grocery costs are up practically 3%, in September from a 12 months in the past.
HASSETT: –properly–
MARGARET BRENNAN: –Do you dispute that?
HASSETT: Nicely, really, let’s undergo the info, proper? Inflation went up about 5% below President Biden. In President Trump’s first eight or 9 months, relying the place we get the final quantity, it’s up 2.7%. One of many large issues that’s hurting affordability is mortgages. The rate of interest went up by about 4%.
MARGARET BRENNAN: That is grocery costs–
HASSETT: –No, grocery costs are literally down considerably below Trump. However right here’s the factor–
MARGARET BRENNAN: –however will depend on which–
HASSETT: Let me– I’ll simply make a degree.
MARGARET BRENNAN: Okay.
HASSETT: That in case you take a look at the actual discount in spending energy for Individuals below Joe Biden, then it went down about $3,000 as a result of we had as much as 9% inflation, after which they went to the grocery retailer, they couldn’t purchase the issues they’re used to purchasing. The actual spending energy, adjusted for inflation, below President Trump has gone up about $1,200 up to now this 12 months. $1,200 isn’t $3,000, and so persons are proper to really feel stretched, however we’re making progress. And in case you take a look at all of the constructive issues in regards to the economic system, industrial manufacturing nearly at an all time excessive, capital spending about at an all time excessive, GDP progress proper now about 4%, then that reveals that the revenue progress that we have to get extra affordability is on the trail to occurring. And the underside line is that the final Shopper Value Index shocked down. It was decrease than anticipated, and it will have been even decrease as a result of there was a refinery shutdown that precipitated it to go barely larger. So we see inflation below management and the economic system booming, however we perceive 100% why persons are nonetheless hurting, as a result of we haven’t made up all of the room that was misplaced below Joe Biden.
MARGARET BRENNAN: So are you snug with 3% inflation?
HASSETT: I’m snug with 2% inflation.
MARGARET BRENNAN: So no, you’re not pleased the place issues are actually.
HASSETT: Nicely, they bought to go down a little bit bit extra, however there- however the level is that inflation is just like the Queen Mary, my pal Alan Greenspan used to say, so while you go from virtually 4% that we had in January right down to the mid twos, then that’s a trajectory that normally has momentum.
MARGARET BRENNAN: So the St. Louis Fed discovered tariffs account for half a share level of the annual inflation fee. How a lot do you suppose the tariffs are climbing costs?
HASSETT: You already know, there’s a few papers on the market that say that costs went up by between two tenths and 5 tenths. And the factor to recollect, if these papers are true, is that that’s a stage modify, as a result of the tariff goes in, after which the tariff is simply there, so it doesn’t have an effect on inflation sooner or later. It will be a one time stage modify. Our estimates at CEA are a lot nearer to zero, and it’s all primarily based on modeling and assumptions about elasticities and issues. However for essentially the most half, the a technique you may see it’s you can take a look at the value of imported items, and the value of imported items, CEA put a report out, has really been declining below tariffs. As a result of what occurs is that the Chinese language wish to promote us a lot of stuff, and there’s a tariff, in order that they reduce their costs in order that they’ll nonetheless have a bigger market share within the US.
MARGARET BRENNAN: Kevin Hassett, all the time good to have you ever right here. After all, we now have to go away it there for now. We’ll be proper again in a minute. Stick with us.
Face The Nation TranscriptsMore
Full transcript of “Face the Nation with Margaret Brennan,” Nov. 9, 2025
Transcript: Kevin Hassett, Nationwide Financial Council director, on “Face the Nation with Margaret Brennan,” Nov. 9, 2025
Transcript: Maryland Gov. Wes Moore on “Face the Nation with Margaret Brennan,” Nov. 9, 2025
Transcript: West Virginia Gov. Patrick Morrisey on “Face the Nation with Margaret Brennan,” Nov. 9, 2025
Transcript: Virginia Gov.-elect Abigail Spanberger on “Face the Nation with Margaret Brennan,” Nov. 9, 2025
