• With: Donald Trump, Chairman and CEO of Trump Hotels & Casino Resorts

    NEIL CAVUTO, HOST OF “YOUR WORLD”: All right, we told you about the Wall Street selloff today and, what has it been, about a 500-plus selloff on the week.

    Many say that is attached exclusively to the lack of progress here on a debt deal. That is not entirely true. Much of it has been spurred by weaker-than-expected economic news, including a report out today that showed the economy grew all of 1.3 percent in the latest quarter. That was a lot weaker than they thought.

    Furthermore, the quarter before, well, was barely growing at all. We were up 0.4 percent. That is close to recessionary as you could possibly get.

    And it worries Donald Trump a great deal. The real estate maverick and TV titan joins me right now on the phone.

    Donald, we could be going into a double dip at the time this country could be going into a potential government shutdown, huh?

    DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: Well, the country is doing very poorly. The country is being laughed at all over the world. No one knows what is happening over here.

    I have friends in Europe and in various other places. They call me and they go, are they for real? The politicians, what is going on is absolutely unbelievable and we have no leadership at the top. Obama is not leading. He is sitting back, he’s not leading, he’s not doing anything, and it is really very sad.

    One thing, the Republicans they are out there, they’re trying to straighten things out. They may not be getting so along so well with each other, frankly, but they want the proper solution. And the only solution is a big solution. At least they’re trying to get the big solution.

    CAVUTO: What do you think of the Tea Partiers who John McCain now has started criticizing for holding this process hostage, in other words, insisting that they don’t give any on spending issue, certainly don’t even entertain tax hikes of any sort, whether you call them tax hikes or not, that they are holding this system back? What do you make of that?

    TRUMP: Neil, I absolutely love the Tea Partiers. They’ve made the people in Washington think for the first time in many years and they’re doing the right thing because they have to get -- you know, two years ago you didn’t know what the word trillion meant and now all of a sudden that’s all you hear. You don’t hear billions anymore. You hear trillions.

    We’re going to soon owe $15 billion (sic). Forget the 14. That 14 is like obsolete now after a couple of months. We’re going to soon be over $15 trillion.

    CAVUTO: So, would you take this deal, either of the deals that are on the table right now? One calls for cutting spending or at least slowing spending. I always forget that. We’re actually talking about slowing the growth of spending by about $2.7 trillion.

    (CROSSTALK)

    TRUMP: They are not talking about cutting.

    CAVUTO: You’re absolutely right.

    TRUMP: Right.

    CAVUTO: So which of these deals as they stand now would you accept or would you reject both of them?

    TRUMP: Well, the deal that I want is a balanced budget, so that over a period time, we can become great again.

    But you know the interesting thing? And it’s really amazing that it is not spoken of until -- it’s just incredible. Other countries are eating our lunch. We need the economy to come back. And all of a sudden these numbers they sort of disappear and they can disappear quickly. We should be making the money that China’s making. We should be making the money that OPEC is making.

    (CROSSTALK)

    CAVUTO: So what do you make of China then -- all right, Donald, but what do you make of China then jumping ugly on us saying we -- the donkey and the elephant, to paraphrase a Chinese editorial today, they’re making a mockery of this process and they’re all but hinting that they will not be buying stuff in the future.

    TRUMP: They have absolutely no respect for us, and they’re buying very little of what we have right now.

    If you look at the difference between what we buy from them, it’s a joke. And now they come out with editorials, let’s not buy the little remnant that we’re buying. They’re making our products, they’re manipulating their currency, and they’re making it impossible.

    The fact is their leaders are much smarter than our leaders. And if we could make our economy work, all this with balancing the budget would take care of itself, Neil. And I don’t hear it. I watch your show. I watch other shows. I never hear anyone saying that.

    They talk about cutting, and I think cutting is absolutely important because the waste is unbelievable. But the best thing of all is if you could get the economy going again. And you can’t do that when OPEC and China and others are ripping this country to shreds.

    CAVUTO: By the way, you could do your part, Donald. If all that money you’ve made over this big "Apprentice" contract of yours, you just forked over let’s say half of it, you could balance the budget now.

    TRUMP: Well, it would certainly help.

    (LAUGHTER) CAVUTO: It would, indeed.

    Donald Trump, very good having you, my friend.

    Content and Programming Copyright 2011 Fox News Network, Inc. Copyright CQ-2011 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.