Bank of the United States CEO Jamie Dimon said on Monday that Trump’s infrastructure plan would cost $20 billion more than previously estimated and called the plan “bollocks”.
“I can tell you it’s not going to happen.
I can’t even tell you how much it’s going to cost,” Dimon told CNBC.
“We’ve got to figure out what we’re going to do with it.”
The remarks from Dimon were the latest in a series of sharp rebukes of the president and his plan to spend $1 trillion to improve infrastructure in the United State.
“I think he’s got some big ideas,” Dimont told CNBC on Monday.
“I think it’s a mistake to be spending billions and billions of dollars on infrastructure.
The fact of the matter is that we’ve got a massive amount of infrastructure to be built.”
Dimon was also scathing about Trump’s budget proposal for infrastructure, saying it would put a massive strain on existing infrastructure and would put the nation at a competitive disadvantage.
“I don’t think you can spend $20bn on a $20billion plan, especially when you’re spending $50bn or $100bn a year,” he said.
“That is just crazy.”
Dimont was also skeptical of Trump’s claim that the infrastructure plan could be completed by 2025, as the president has said.
“There’s a lot of problems with that,” he told CNBC, saying the infrastructure project would take 20 years.
“When you start talking about 20 years, it doesn’t take that long to get the job done.”
Trump’s budget plan for infrastructure also calls for a 15% increase in the federal debt and a $1,000 increase in interest on the federal government’s debt, which the Trump administration said would help pay for a major infrastructure investment.
Dimon has also previously criticized Trump for his proposed cuts to domestic infrastructure spending, which he said would hurt the American economy.