Face the Nation Examines Iran Conflict's Economic Toll, Gas Price Surge and Voting Rights Ruling

Margaret Brennan hosted Face the Nation from Washington, where guests addressed spiking gas prices from the U.S.-Iran standoff, a Supreme Court decision on the Voting Rights Act and President Trump's economic claims.

Gas prices rose 40 cents a gallon nationwide last week to a $4.45 average, tied to the ongoing conflict over the Strait of Hormuz. President Trump polled supporters at a Florida retirement community on his tax proposals: "No tax on tips," "No tax on overtime," "No tax on Social Security." He added, "That's the one they like." Trump also noted, "The stock market is rocking and rolling. Your 401(k)s are at the highest they have ever been."

Congress ended a 76-day partial government shutdown by voice vote, funding the Department of Homeland Security, TSA and Coast Guard. Immigration agencies ICE and CBP remain unfunded. Rising fuel costs contributed to Spirit Airlines' shutdown, stranding thousands and idling over 14,000 employees, per the pilots union.

White House National Economic Council Director Kevin Hassett, speaking from Los Angeles, said President Trump's letter to Congress extended the Iran cease-fire while noting persistent threats. He described Iran's economy facing hyperinflation and hunger from the blockade, which he said countered Iran's Strait closure allowing only its ships through. "Iran shut down the straits," Hassett said. Asked if the U.S. was at war, he replied, "I don't know what the definition of war is when we're not shooting and we're negotiating."

Hassett compared Iran's per capita GDP, once matching Japan and Italy in 1978, now akin to Honduras. On gas prices in week 10 of conflict, originally projected at four to six weeks, he cited measures like waiving the Jones Act, making U.S. oil $10 a barrel cheaper than world prices. He rejected Bank of America and Goldman Sachs reports that gas costs offset tax benefits, noting average refunds of $3,600 and exemptions saving workers $5,000 to $8,000.

Real incomes are rising despite energy prices, Hassett said, unlike under prior administrations. On Spirit Airlines, he said a White House rescue failed due to legal limits after its JetBlue merger collapsed. Other carriers like American, United and Southwest are aiding stranded passengers. Spirit cited "sudden and sustained rise in fuel prices" for its closure, though it had prior Chapter 11 filings.

Minneapolis Federal Reserve President Neel Kashkari said the Fed held rates steady, with him among three dissenters against future cuts amid Middle East uncertainty. Iran's Strait closure rivals Russia's Ukraine invasion in energy impact, he said, with supply chains needing six months to normalize even if reopened. Labor market shows stability at 4.3 percent unemployment, but prolonged conflict could slow growth.

Kashkari welcomed incoming Fed chair Kevin Warsh's scrutiny of tools like the dot plot and balance sheet. On national debt exceeding GDP, he called it unsustainable, urging fiscal action.

Chevron CEO Mike Wirth explained lost energy flexibility: global demand of 100 million barrels daily, 20 percent via the Strait, now disrupted. Inventories are depleted, amplifying shocks. Restoring flow requires time; 12 Middle East refiners hit by attacks face weeks to years of repairs. Jet fuel shortages tighten in Europe and Asia, raising fares. U.S. production growth, like Chevron's 7 to 10 percent this year, takes time. Wirth praised administration engagement.

Colorado Rep. Jason Crow criticized Secretary Hegseth's unconsulted order to withdraw a U.S. brigade from Germany, plus Trump's call for more pullouts beyond 5,000 troops, possibly over German Chancellor comments. Bipartisan law sets Europe troop conditions at 76,000 minimum absent certification. On Iran, he urged strategy over tactics, rejecting a $1.5 trillion Pentagon request without audit or clear goals.

Crow opposed long-term Section 702 surveillance extension amid administration law violations, favoring monthly reviews. Georgia Sen. Raphael Warnock called the Supreme Court's 6-3 ruling against Louisiana's majority-Black district a blow to Section 2 of the Voting Rights Act, requiring racial intent proof. He cited post-2013 Shelby gaps widening twice as fast in covered states, urging preclearance revival and partisan gerrymander ban.