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White House National Economic Council Director Kevin Hassett says President Donald Trump’s $5,000 payment plan can move forward without worsening federal finances. The proposal would cost above $1 trillion, with US debt near record levels.
Kevin pushed back on the borrowing concern Thursday. “We can do it in a fiscally responsible way,” he said. “It is a serious proposal.” Trump first floated the payment idea earlier this week and tied it to Republicans keeping control of Congress.
Kevin said the White House sees the payments returning part of the country’s 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,” he said.
A reconciliation bill would be one way. This is a procedure that allows the majority party in Congress to pass certain fiscal bills without needing the approval of the opposition party. Kevin did not list any specific areas where cuts could be made or revenues raised.
Asked what could be paired with the checks, he said that part would have to be “negotiated with Congress.” He added: “The bottom line is there are multiple paths to getting it done — don’t underestimate President Trump.”
Kevin kept a major Coinbase stake while Trump’s administration changed federal crypto policy
Kevin’s finances also put him close to a major name in crypto. His 2025 annual disclosure showed between $1 million and $5 million in vested shares of Coinbase (NASDAQ: COIN) at the end of that year.
Kevin had worked as an adviser to Coinbase from 2021 until January 2025, when he entered the White House. The disclosure, released recently, showed he had not fully sold the position almost 11 months into Trump’s second term. It only covers 2025, so it does not say whether Kevin still owns the stock now.
Three days after Trump went back into office in 2025, he established President’s Working Group on Digital Asset Markets within the National Economic Council.
Kevin was allowed membership on the panel through an executive order, or someone else that would be designated on his behalf. The recommendations made by the panel had to go through Kevin’s office before reaching Trump.
The team was headed by the White House crypto czar David Sacks at the time. David’s committee eventually proposed sweeping reforms that included the regulation of digital assets markets, banks, stablecoins and taxation.
The government also overturned crypto regulations that were implemented in the Biden era, created the bitcoin reserve in the country and pushed for legislation on national digital asset regulation.
Kevin has said he removed himself from crypto work while ethics officials dealt with the Coinbase holding.
Last year, Kevin said he had not sold because he did not want the sale to look timed around government decisions. He said he had guidance from “the ethics people” and was still working out “what needs to be done.”
“Meanwhile, I have recused from any matter that’s related to crypto,” Kevin said on CNBC’s “Squawk Box.”
The White House told CNBC that the recusal remains in place. Spokesperson Kush Desai said Kevin has followed the required ethics rules since entering government.
“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,” Kush said.
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