Former President Donald Trump said the U.S. should default on its loans if the White House refuses to agree to Republican spending cuts in order to raise the federal debt ceiling.
"We have to start paying off debt ... I say to the Republicans out there — congressman, senators — if they don't give you massive cuts, you're going to have to do a default, and I don't believe they're going to do a default because I think the Democrats will absolutely cave, will absolutely cave because you don't want to have that happen, but it's better than what we're doing right now because we're spending money like drunken sailors," Trump said during a CNN town hall event held in New Hampshire on Wednesday.
When pressed by CNN anchor Kaitlan Collins to clarify on whether he thinks the U.S. should default, Trump said: "Well, you might as well do it now because you'll do it later because we have to save this country. Our country is dying. Our country is being destroyed by stupid people, by very stupid people.”
He also said his solution to inflation would be drilling for more oil in the U.S.
"Drill, baby, drill," Trump responded when asked by a crowd member what he would do first to bring down costs and make things more affordable.