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Trump on the debt ceiling: We're in trouble no matter what

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Donald Trump, the 45th President of the United States, joins Yahoo Finance's Adam Shapiro and addresses the upcoming debt ceiling deadline.

Video Transcript

ADAM SHAPIRO: I wanted to ask you, because one of the issues that we're dealing with is this debt ceiling discussion. What worries you about whether we raise the debt ceiling or don't raise the debt ceiling? And what do you think of Treasury Secretary Janet Yellen's recommendation to just do away with it?

DONALD TRUMP: So I think we're in trouble, no matter what. If you raise it, that's not a good thing because the bill is so bad, the $3 and 1/2 trillion. And if you raise it, bad, and if you don't raise it, bad. It's a bad situation to be in. The bottom line of it is the $3 and 1/2 trillion, plus $1.2 trillion, plus other things that we had to do for COVID, et cetera, et cetera, you're talking about historic numbers.

And I just don't know if this economy can take it. And if it can't take it, it's been a bad bet. So raising it is bad and not raising it is bad. I mean, you just look at what's happening and there are a lot of bad scenarios. But I think the worst scenario is $3.5 trillion. I just don't think our country can take it. And I think they're changing the norm of the country by doing it.

ADAM SHAPIRO: But help me understand what you just said, because the $3.5 trillion, that reconciliation bill that the Democrats are debating amongst themselves about how they get that through, that doesn't deal with the debt ceiling as we understand it now. The debt ceiling covers the debt that administrations, Republican and Democratic administrations, all accrued over the last several decades. So why wouldn't we want to make good on that--

DONALD TRUMP: But this will add to it, Adam. And this-- right, but this will add to it.

ADAM SHAPIRO: It won't.

DONALD TRUMP: And whether-- if you call it an infrastructure bill-- which, really, it's a percentage. A small percentage of that money goes to infrastructure. If you talk about that one at $1.2 trillion, it all adds to it, whether it's immediately or into the future. It's tremendous borrowing. There's no way that they can take this. You know, they're saying it's net neutral. It's not net neutral. It's just the opposite of net neutral. So this will add to it, whether it's immediately or into the longer term.