National Economic Council

The National Economic Council has approved N83.2 billion to address flooding and climate-related emergencies in Nigeria. Authorities have identified 33 states and the Federal Capital Territory as areas at risk this year.

The National Economic Council has approved N83.2 billion to address flooding and climate-related disasters in Nigeria, as authorities warn of severe flooding risks in 33 states and the Federal Capital Territory this year.

Gary Cohn, IBM vice chairman and former director of the National Economic Council during President Trump's first term, was interviewed on 'Face the Nation with Margaret Brennan' on June 14, 2026. The transcript details his participation in the discussion.

Gary Cohn, IBM vice chairman and former director of the National Economic Council during President Trump's first term, participated in an interview on 'Face the Nation with Margaret Brennan' on June 14, 2026. The transcript details his roles in business and government but does not include specific statements or discussions from the interview.

Gary Cohn, IBM vice chairman and head of the National Economic Council in President Trump's first term, stated prices are 'not going to fall like a rock overnight' if a U.S.-Iran truce is signed due to uncertainty about the Strait of Hormuz.

The June 14, 2026 episode of 'Face the Nation with Margaret Brennan' features Democratic Senators Mark Kelly and Mark Warner, along with former National Economic Council Director Gary Cohn as guests.

The federal budget for FY2026-27 is set to be presented by Finance Minister Muhammad Aurangzeb in Parliament today, featuring new tax measures worth Rs660-700 billion and targeted relief for mid- to upper-income earners. The government aims to expand the tax net through initiatives like the Fixed Tax Asaan Scheme and has reached an agreement with coalition partners to cut expenditures to address a Rs800 billion revenue shortfall.

Pakistan's hybrid political-economic system faces growing cracks as economic stabilization efforts fail to transition into sustainable growth, straining political coalitions and revealing a lack of innovative policy ideas. Delays in budget-related National Economic Council meetings highlight the systemic strain, with the government resorting to recycled or coercive measures like reversing NFC allocations to address revenue demands.

Pakistan's 2026-27 budget slashes the overall development outlay by 25% to Rs3.218 trillion, with Punjab's development plan cut by nearly half (49%). Balochistan retained its full development allocation, while the federal and provincial budgets were reduced to Rs1 trillion and Rs2.218 trillion, respectively. The National Economic Council (NEC) approved the cuts, led by Prime Minister Shehbaz Sharif and Planning Minister Ahsan Iqbal.

Finance Minister Muhammad Aurangzeb will present the federal budget for FY2026-27 on June 12. The Pakistan Economic Survey for FY2025-26 will be launched after 2:20pm the next day. A consensus was reached between the federal government, PML-N, and PPP on the budget framework, including freezing provincial shares in the NFC award.

Prime Minister Shehbaz Sharif addressed the National Economic Council (NEC) to discuss federal and provincial development plans for the upcoming fiscal year (FY2026-27). The meeting emphasized collaboration between the Centre and provinces to address economic challenges, including rising global oil prices, while maintaining macroeconomic stability.

The Centre, Punjab, and Sindh agreed to cut spending to cover an Rs800 billion revenue shortfall, with the federal budget likely to be presented on June 12. The National Economic Council will finalize plans, but Khyber Pakhtunkhwa and Balochistan have not yet joined the agreement. Extra FBR revenue may reach Rs1.3-1.7 trillion for strategic needs.

President Asif Ali Zardari summoned the National Assembly and Senate sessions for June 10, 2026, to discuss the 2026–27 budget, with the budget expected to be presented on June 12. The sessions were called under Article 54 Clause 1 of the Constitution, and members may face disqualification under Article 63 for abstaining from budget-related votes.

The budget for FY2026-27 is likely to be announced on June 12, with parliamentary sessions scheduled for June 10. Federal and provincial governments remain deadlocked over freezing provincial shares in the federal divisible pool, while the PML-N and PPP have reached a consensus on the budget framework.

The federal budget 2026-27 in Pakistan faces delays due to unresolved disputes between the Centre and provinces over fiscal allocations. The National Economic Council (NEC) meeting was postponed again, with provinces resisting a freeze on their National Finance Commission (NFC) shares, which could push them into deficit. The federal government seeks over Rs1 trillion for strategic needs, but provinces argue this would strain their budgets.

The National Economic Council (NEC) will review and potentially revise Rs4.715 trillion in federal and provincial development plans for 2026-27 amid fiscal constraints. The meeting addresses delays and cost overruns in mega projects, with 25% of ongoing projects facing cost overruns and 79% experiencing time overruns.

Gene Sperling discussed the recent U.S. jobs report, which showed stronger-than-expected job creation, lowering recession risks despite wage growth lagging inflation. He noted that some job gains, like 70,000 hospitality jobs, may be influenced by seasonal factors such as World Cup-related hiring.

Inflation in the U.S. is rising nationwide, with a 3.8% annual rate in April 2025. Claims that blue states like New York and California uniquely drive inflation are false, as all Census Bureau regions show elevated inflation rates influenced by global gas prices and shipping costs. Red states also experience high inflation, with some exceeding the national average.

President Donald Trump's June 2 Executive Order on AI prohibits mandatory licensing for AI models but establishes a cybersecurity benchmark framework for evaluating frontier AI risks. The order addresses debates over regulatory approaches, including comparisons to an FDA-like model, while leaving pre-deployment reviews non-mandatory.

National Economic Council Director Kevin Hassett predicted that oil shipments will resume passing through the Strait of Hormuz in 'a month or two' amid the U.S.-Israeli conflict in Iran. He stated there is 'a lot more traffic' through the strait currently.

National Economic Council Director Kevin Hassett predicted energy prices will plummet significantly once the Strait of Hormuz reopens. He emphasized the dramatic drop but could not discuss ongoing negotiations or strikes.

Trump's National Economic Council Director Kevin Hassett predicts fuel prices will 'plummet' following a potential Iran deal to reopen the Strait of Hormuz, citing 'great signs' of easing inflation. The article also notes the recent appointment of Trump-nominated Kevin Warsh as Federal Reserve chair and mentions Saudi Arabia and the UAE's potential oil reserves coming online.

Elon Musk, Mark Zuckerberg, and other tech leaders successfully persuaded the Trump administration to halt an executive order that would have created oversight for powerful AI models. OpenAI supported the regulation but is now pursuing state-level regulatory strategies instead, while accelerationists argue that federal AI regulation could disadvantage the US in its competition with China.

Fox Business host Larry Kudlow told National Economic Council Director Kevin Hassett that the rising annual inflation rate is 'lousy'. The consumer price index rose 3.8 percent over the past 12 months and 0.6 percent in April alone. This comes as the Trump administration seeks to defend its economic agenda.

Kevin Hassett expects Jerome Powell to leave the Federal Reserve if he's satisfied with an internal report on renovations, which have been criticized by President Trump. Powell's term as chair expires this month. The report's outcome may influence Powell's decision to stay or leave.

A top Trump economic advisor projects a surge in U.S. growth, with GDP expansion potentially greater than 5% or even 6% amid a capital spending boom. The advisor, Kevin Hassett, attributes the growth to the Trump administration's tax policies and onshoring efforts. He also expects gas prices to fall in the near future due to increased oil supply.

President Donald Trump has shifted his AI policy from a hands-off approach to one of strict regulation, considering requiring high-risk AI models to undergo government review before use. This change comes after Trump initially tore up Biden's Executive Order 14110, which demanded safe and secure AI. The new approach aims to address escalating cybersecurity and national-security risks.

The White House is considering an executive order to require AI models to go through an evaluation process similar to the FDA. This comes as the Trump administration grapples with a new advanced AI model called Mythos. The potential order would be led by National Economic Council Director Kevin Hassett.

Nobel Prize-winning economist Paul Krugman criticized National Economic Council Director Kevin Hassett's claim that Trump's policies will drive 4-5% economic growth. Krugman argued such projections are unprecedented and unlikely.

The White House expressed confidence that Kevin Warsh will be confirmed as Federal Reserve chair in May. NEC Director Kevin Hassett affirmed the nomination is on track, calling Warsh a 'top tier candidate' despite acknowledging current economic challenges.