White House National Economic Council Director Hassett stated that the U.S. economy continues to absorb the impact of pandemic-related stimulus spending from the early Biden administration, identifying it as a key challenge facing the nation. In a Tuesday interview, Hassett argued that while Trump-era stimulus was appropriately sized to fill economic gaps, subsequent Biden administration spending expanded beyond necessity into other areas, creating lingering effects the economy is still working to overcome. Hassett noted that inflation stood at approximately 1.5% at the end of Trump's first term before rising significantly due to extended pandemic spending and other factors. The Biden administration signed the $1.9 trillion American Rescue Plan in March 2021, which some economists believe exacerbated inflation, though debate continues over its precise impact. U.S. inflation peaked near 9% in summer 2022 before gradually declining.