GRETCHEN CARLSON (HOST): Donald Trump predicting a massive recession soon, but saying that as president he could eliminate the national debt within eight years. As of now our nation is over $19 trillion in the hole and counting every moment. Congressional Budget Office says we are on track to hit $26 trillion in the next eight years. The Washington Post ran Trump's numbers and found they came up a little short. But that's why we have Fox Business Network's Gerri Willis here, because she dug a little deeper into those numbers. So Gerri, is it possible for Donald Trump to pay off the national debt in eight years?
GERRI WILLIS: I have to tell you Gretchen, I have looked at this every possible way, I have talked to people who are really knowledgeable about the debt. They say no, no, no. I mean, I -- look, I'm glad he is talking about it, it's a horrible problem. But I don't think he can do it, and let me explain in a really simple way why.
CARLSON: OK.
WILLIS: Every year, the federal government spends $4 trillion. If you were to cut that in half and pay that against the national debt, you would only have $2 trillion left, that wouldn't cover money for Social Security, it wouldn't cover all the programs -- Pentagon, defense spending. We'd be in big trouble. So, I don't see it happening. You need to understand how big $19.2 trillion is.
