Read the full article on KETV 7
The war in Iran and the ongoing blockade in the Strait of Hormuz are driving economic pain in the United States, with higher energy costs and grocery prices affecting households nationwide, according to some lawmakers on Capitol Hill on Wednesday.An AP-NORC poll shows that only 30% of Americans approve of President Donald Trump’s handling of the economy, an 8% drop from the previous month. A lot of the dissatisfaction is linked to gas prices, according to experts, which have surged by more than a dollar since the conflict in Iran began. On Capitol Hill, several members of President Trump’s Cabinet testified about the proposed budget and faced questions about the economic impacts of the war on Wednesday. Treasury Secretary Scott Bessent addressed affordability concerns during a Senate Banking Committee hearing.One lawmaker pointed out that, in addition to high gas prices, many households are facing increased costs due to the president’s tariffs. They argued these factors are contributing to record-low consumer sentiment, as reported by the University of Michigan. “You recently claimed that in their heart of hearts, consumers feel good. But that’s not supported by polling that is constant and accurate,” said Sen. Jack Reed, D-R.I.Bessent responded, arguing that the oil market and gas prices are positioned to drop once the conflict in Iran ends. “President Trump has shown that he is good at getting energy prices down and that our energy dominance agenda has the lowered prices,” Bessent said. “How fast will the price of gasoline come down?” Reed asked.”Again, that is path dependent on when the war and the conflict end,” Bessent replied. Bessent also cited figures claiming that 60 million Americans benefited from President Trump’s tax cuts this year. However, some lawmakers argued that any savings from the tax cuts have been offset by higher prices, particularly at the pump.Watch the latest on the war in Iran:PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
The war in Iran and the ongoing blockade in the Strait of Hormuz are driving economic pain in the United States, with higher energy costs and grocery prices affecting households nationwide, according to some lawmakers on Capitol Hill on Wednesday.
An AP-NORC poll shows that only 30% of Americans approve of President Donald Trump’s handling of the economy, an 8% drop from the previous month. A lot of the dissatisfaction is linked to gas prices, according to experts, which have surged by more than a dollar since the conflict in Iran began.
Advertisement
On Capitol Hill, several members of President Trump’s Cabinet testified about the proposed budget and faced questions about the economic impacts of the war on Wednesday.
Treasury Secretary Scott Bessent addressed affordability concerns during a Senate Banking Committee hearing.
One lawmaker pointed out that, in addition to high gas prices, many households are facing increased costs due to the president’s tariffs. They argued these factors are contributing to record-low consumer sentiment, as reported by the University of Michigan.
“You recently claimed that in their heart of hearts, consumers feel good. But that’s not supported by polling that is constant and accurate,” said Sen. Jack Reed, D-R.I.
Bessent responded, arguing that the oil market and gas prices are positioned to drop once the conflict in Iran ends.
“President Trump has shown that he is good at getting energy prices down and that our energy dominance agenda has the lowered prices,” Bessent said.
“How fast will the price of gasoline come down?” Reed asked.
“Again, that is path dependent on when the war and the conflict end,” Bessent replied.
Bessent also cited figures claiming that 60 million Americans benefited from President Trump’s tax cuts this year. However, some lawmakers argued that any savings from the tax cuts have been offset by higher prices, particularly at the pump.
Watch the latest on the war in Iran:
