Hassett Defends 3.8% Inflation Reading as Booker Attacks Trump's $1.776 Billion Fund
Updated
Updated · abcnews.com · May 31
Hassett Defends 3.8% Inflation Reading as Booker Attacks Trump's $1.776 Billion Fund
1 articles · Updated · abcnews.com · May 31
Kevin Hassett said April inflation at 3.8% was driven mainly by energy and argued core price pressures remain contained, citing a Cleveland Fed estimate of 0.23% core CPI.
The White House adviser acknowledged high gas prices tied to Gulf disruption but said oil has not surged into the $150-$200 range some feared, and predicted refined-product prices would ease within one to two months if the Strait fully reopens.
Hassett also pushed back on gloomy consumer sentiment, calling the Michigan survey partisan and arguing real incomes have risen by $2,268 for a typical worker, $3,000 for manufacturing workers and $4,500 for mining workers.
Cory Booker used the same program to accuse Trump of undermining checks and balances, centering his criticism on what he called a $1.776 billion slush fund and Congress's failure to restrain the president.
Booker tied that argument to the November midterms, saying control of Congress is essential as he warned Trump is becoming more dangerous at home and abroad.
With emergency oil buffers set to expire, what is the global plan to avert a severe energy price shock?
What precedent will the court's ruling on the $1.776 billion fund set for congressional authority over government spending?