White House National Economic Council Director Kevin Hassett said Thursday that President Donald Trump's $5,000 payment plan can move forward in a fiscally responsible manner, despite the proposal's estimated cost exceeding $1 trillion against record U.S. debt levels.
Trump introduced the payment idea earlier this week and connected it to Republicans maintaining control of Congress. Hassett framed the payments as a way to return economic gains to households directly.
"Because of all the growth and all the wealth being created in the US, the president thinks we need to return more of that to the American people," Hassett said.
Implementation Path Unclear
A reconciliation bill—a congressional procedure allowing the majority party to pass certain fiscal measures without opposition approval—could be one mechanism for the payments. However, Hassett did not specify areas where budget cuts could be made or revenues raised.
When asked what could accompany the checks, Hassett said that part would require negotiation with Congress. "The bottom line is there are multiple paths to getting it done," he said.
Hassett's Coinbase Holdings
Hassett's 2025 annual disclosure revealed holdings of between $1 million and $5 million in vested Coinbase shares at year's end. He served as an adviser to the cryptocurrency exchange from 2021 until entering the White House in January 2025.
The disclosure, released recently, indicated he had not fully divested the position nearly 11 months into Trump's second term, though the filing covers only 2025 and does not reflect current ownership status.
Crypto Policy and Recusal
Three days after Trump took office in 2025, the administration established the President's Working Group on Digital Asset Markets within the National Economic Council. The panel, headed by White House crypto czar David Sacks, proposed sweeping reforms including digital asset regulation, stablecoins oversight, and taxation frameworks. The government subsequently overturned Biden-era crypto regulations, created a bitcoin reserve, and pushed for national digital asset legislation.
Hassett has stated he recused himself from cryptocurrency matters while ethics officials addressed his Coinbase holdings. A White House spokesperson confirmed the recusal remains in place.
"Since day one, Kevin Hassett has and continues to be in full compliance with all ethical requirements, including his recusal from all cryptocurrency-related matters," White House spokesperson Kush Desai said.
