By Jack Phillips
Contributing Writer
The White House is more confident that the U.S. economy will grow in 2026 after spending around Thanksgiving and Black Friday rose, White House economic advisor Kevin Hassett said on Sunday.
Hassett, who is head of the National Economic Council, said in an interview with CBS News’ “Face the Nation” that there was about a 10% increase in online sales on Black Friday, compared with the annual shopping day last year.
“I think the folks who were saying, ‘Wow, maybe people are going to be anxious about going back and getting presents for the kids’ and so on, they have been disproven this weekend,” he told CBS.
Hassett also told the outlet that stronger spending around Thanksgiving suggests that the U.S. economy is more resilient than previously thought following a weekslong government shutdown that ended in mid-November.
“I think the reason is that … incomes are up this year. We had a great jobs report, and with strong income and the government shutdown over, so that people have pent-up demand as well, I think that we’re looking at a great recovery from a weak few weeks because of the shutdown,” he said.
Adobe Analytics, which tracks e-commerce, said U.S. consumers spent a record $11.8 billion online on Friday, marking a 9.1% jump from last year. Traffic rose particularly between the hours of 10 a.m. and 2 p.m. local time nationwide, when $12.5 million passed through online shopping carts every minute.
Consumers also spent a record $6.4 billion online on Thanksgiving Day, according to Adobe. Top categories that saw an uptick in sales across both days included video game consoles, electronics and home appliances. Shopping services powered by artificial intelligence and social media advertising also assisted consumers and influenced what they chose to buy, the firm said.
Also on Sunday, Hassett said that the Trump administration has a plan to deal with the issue of the health care insurance subsidies that are due to expire at the end of the year.
Hassett said that between Nov. 30 and around Christmas, “people are going to work this out because we have a solution,” adding that the administration has an idea for cost-sharing and the Democrats have an alternative. He didn’t elaborate.
He also said that most people are paying about $50 per month for insurance under the Affordable Care Act and suggested that the claim that some Americans’ health care insurance costs will skyrocket if the subsidies expire may not be entirely accurate.
“We don’t want to cause panic for the folks who are worried that they’re going to lose the thing that they have,” he said.
Also on Sunday, Sen. Amy Klobuchar, D-Minn., told CNN’s “State of the Union” program that a Senate-held vote on the health care subsidies, which were established during the COVID-19 pandemic and extended in 2022, will take place by the end of 2025.
“Dec. 15 is the day,” she told the channel. “Either we’re going to pass this by forcing this vote or we are going to get this on legislation.”
Whether it passes will be up to Republicans, she said. The outcome of the 2026 midterm elections, Klobuchar added, could hinge on what happens in December.
“If they don’t want to do anything about people’s costs and their grocery bills and their health care and pummel them with these punishing Trump tariffs, then we will simply have to beat them in the midterms,” Klobuchar said. “We have no other choice.”
The Associated Press contributed to this report.
