President Donald Trump dismissed accusations that he was making money from the presidency in an interview on Thursday, claiming that he had sacrificed significant wealth to serve in the Oval Office.
Speaking with New York Times reporters Peter Baker and Maggie Haberman, Trump said the job of president was a "loser" financially.
"I lost massive amounts of money doing this job," Trump said. "This is not the money. This is one of the great losers of all time. You know, fortunately, I don't need money. This is one of the great losers of all time. But they'll say that somebody from some country stayed at a hotel. And I'll say, 'Yeah.' But I lose, I mean, the numbers are incredible."
The president has been criticized for apparently using his position to enrich his businesses. Though he has nominally distanced himself from his business empire while serving as president, Trump retains stakes in numerous companies that do business with the U.S. government, foreign diplomats and state-controlled foreign companies, The Washington Post reported.
His critics have argued this violates the "emoluments clause," a provision of the U.S. Constitution that bans federal officeholders from receiving gifts or payments from foreign governments, their leaders or representatives.
Contrary to Trump's claims that his White House stint has cost him money, Public Citizen—a nonprofit progressive think tank—said Trump had made millions since he entered the White House. A report published by the group titled "The Art of the (Self) Deal," estimated the president's businesses had earned more than $15 million from political groups and federal agencies up to April 2018.
Using all the available records of political and federal taxpayer spending at Trump businesses, Public Citizen concluded that the president, his campaign and Republican political committees had spent huge sums on his airplanes and at his hotels, golf courses and restaurants.
Oversight of his activities was limited while the Republican Party controlled both chambers of Congress. But with a new Democratic majority in the House, representatives are looking to shed light on any inappropriate enrichment of Trump's companies.
Last month, the new chairman of the House Oversight and Reform Committee—Representative Elijah Cummings of Maryland—told CBS Trump was making "a lot of money" off his office, and, "It's not OK."
"I still believe that people—the average citizen, the guys on my block, they ought to know if the president is making a deal, whether he's making it—making it in his self-interest or that of the country," Cummings said.
The White House has denied suggestions that Trump had enriched himself through the presidency. In response to Cummings' allegation, a White House statement said, "These claims are completely baseless, but we cannot comment further about ongoing litigation," CBS reported.
Though Trump claimed he was losing money, he dismissed the idea that he would not run again in 2020. "I love this job," he told The Times. Trump also brushed off suggestions that a Republican would run against him for the party's nomination. "I don't see it," he said. "I have great support in the party."
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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David Brennan is Newsweek's Diplomatic Correspondent covering world politics and conflicts from London with a focus on NATO, the European ... Read more
