Trump's plan to help eliminate the federal debt was to print money: Woodward book
© UPI Photo

President TrumpDonald John TrumpHannity urges Trump not to fire 'anybody' after Rosenstein report Ben Carson appears to tie allegation against Kavanaugh to socialist plot Five takeaways from Cruz, O'Rourke's fiery first debate MORE allegedly suggested to his chief economic adviser last year that the government should print more money to help eliminate federal debt, according to an excerpt from Bob Woodward’s new book.

The veteran Watergate journalist wrote in his new book — “Fear: Trump in the White House” — that Gary CohnGary David CohnPoll: Majority believes Woodward book and NY Times op-ed about Trump admin Cohn: Jamie Dimon would be 'phenomenal' president On The Money: Trump announces new China tariffs | Wall Street salaries hit highest level since 2008 | GOP bets the House on the economy MORE, the now-former top economic adviser, told Trump that the Federal Reserve was likely to increase rates during his first term in office, in an excerpt first reported by Business Insider.

“We should just go borrow a lot of money, hold it, and then sell it to make money,” Trump reportedly said in response.

ADVERTISEMENT

Cohn was “astounded” by the president’s response, which he reportedly said illustrated a “lack of basic understanding” about how federal debt works.

Trump, who was the president-elect at the time and had promised to wipe out U.S. debt in eight years, reportedly offered a solution: “Just run the presses — print money.”

Woodward wrote that Cohn then went on to explain how printing more money is thought to lead to inflation and could be catastrophic for the fiscal health of the U.S.

"It was clear that Trump did not understand the way the US government debt cycle balance sheet worked," Woodward wrote.

Cohn said on Tuesday that portrayals of him in Woodward’s book are inaccurate. He did not specify which accounts were incorrect.

"This book does not accurately portray my experience at the White House," Cohn said in a statement to Axios. "I am proud of my service in the Trump Administration, and I continue to support the President and his economic agenda."

Trump has repeatedly lashed out at Woodward in the past several days when excerpts of the book were first published.

The White House on Monday called Woodward's work "reckless” and did not rule out the possibility of a lawsuit. Trump has referred to Woodward as a "liar."