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FollowingWhite House officials say Trump's $5000 payment plan can be advanced without exacerbating fiscal pressure.
Kevin Hassett, director of the White House National Economic Council, said President Donald Trump's proposed $5000 cash payment plan can be advanced without deteriorating federal finances. The proposal costs more than $1 trillion, and U.S. debt is close to historical highs.
Hassett responded to borrowing concerns on Thursday. He said: "We can achieve this goal in a fiscally responsible manner. This is a serious proposal."
Trump first proposed the payment concept earlier this week and linked it to Republicans retaining control of Congress. Hassett pointed out that the White House believes the payments are intended to return some of the fruits of economic growth directly to families. "Because the United States creates a lot of growth and wealth, the president believes we need to return more benefits to the American people." he said.
The budget reconciliation bill may be one way to achieve this goal. This is a process that allows a majority in Congress to pass certain fiscal bills without opposition approval. However, Hassett did not list any specific areas for spending cuts or revenue increases.
When asked what policies the check issuance might be tied to, he said this part must be "negotiated with Congress." He added: "The bottom line is, there are multiple ways to achieve your goals-don't underestimate President Trump."
Hassett retained a large stake in Coinbase during the Trump administration's changes in cryptocurrency policy.
Hassett's financial situation places it closely connected to giants in the cryptocurrency space. According to his 2025 annual disclosure documents, as of the end of the year, he held vested shares of Coinbase (NASDAQ: COIN) worth US$1 million to US$5 million.
Hassett served as a Coinbase consultant from 2021 to January 2025, and later served in the White House. Recently released disclosures show that nearly 11 months after Trump began his second term, he has not yet fully sold his stake. It should be noted that this disclosure only covers the situation in 2025, so it does not state whether Hassett still holds the stock.
Three days after Trump took office again in 2025, he established the "President's Digital Asset Markets Working Group" within the National Economic Council. By executive order, Hassett was allowed to join the group or have someone else exercise membership on his behalf. Recommendations made by the team must be reviewed by Hassett's office before being reported to Trump.
At the time, the team was led by David Sacks, the White House chief of cryptocurrency regulation. David's team ultimately proposed a wide range of reforms, including digital asset market regulation, banking supervision, stablecoins, and taxation.
In addition, the government overturned cryptocurrency regulations implemented during the Biden era, established a national Bitcoin reserve, and promoted legislation on national digital asset regulation.
Hassett has said he has recused himself from participating in work while ethics officials deal with his Coinbase stake. Last year, Hassett explained that he didn't sell shares because he didn't want the sale to look like a timing exercise around government decisions. He said he received guidance from "ethics officers" and was still studying "what needs to be done."
"In the meantime, I have recused myself from all matters related to cryptocurrencies," Hassett said in an interview with CNBC's Squawk Box.
The White House told CNBC that this recusal is still in effect. Spokesperson Kush Desai said that since entering the government service, Hassett has adhered to the required ethical code. "From day one, Kevin Hassett has fully complied with all ethical requirements, including recusal of all matters related to cryptocurrencies, and continues to adhere strictly to this day." Desai said."
