A billionaire-backed podcast host is taking aim at President Donald Trump over one of his biggest campaign promises — cutting the national debt.
Investor Jason Calacanis says Trump has instead presided over a historic surge in federal borrowing, putting the president’s fiscal pledges under renewed scrutiny.
Trump’s National Debt Promise
The U.S. national debt hit $39 trillion in March and currently stands at around $39.6 trillion. The debt has increased in recent years, instead of going down as Trump promised.
“President Trump promised not to add to the national debt during his presidential campaign — and, in fact, that he would pay it down. He has failed badly on both counts,” Calacanis tweeted.
Calacanis, co-host of the “All-In Podcast,” said Trump is the “worst-spending President in our history.” The investor estimates that Trump added between $2.2 trillion and $2.3 trillion to the national debt in each of his first two years and in his second term.
“He’s on track to add $9T+ in his second term, beating the previous high-water mark of $7.8T — set by his first term.”
CNBC host Carl Quintanilla shared an image of a story from 2016 with Trump promising to eliminate US debt in eight years.
With debt at $39.6 trillion, this promise has not worked out to date.
What’s Next
National debt hit $38 trillion in October 2025 and took only five months to hit $39 trillion. With increased government spending and the continued war in Iran, the debt level could hit $40 trillion faster than expected.
Interest on the debt has surpassed $1 trillion and is now around $1.04 trillion, representing one of the country’s top annual expenditures.
The debt-to-GDP ratio continues to expand, currently at 122.53% . This ratio was 56.95% in 2000 and 34.63% back in 1980.
Image via Shutterstock
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