Norah O'Donnell: Hillary Clinton called you the king of debt.

Donald Trump: Well, no she didn't call me, I called myself the king of debt. I'm the king of debt. I'm great with debt, nobody knows debt better than me. I made a fortune by using debt. And if things don't work out I renegotiate the debt, I mean that's a smart thing not a stupid thing. And I made a fortune.

O'Donnell: How do you renegotiate the debt?

Trump: Because you go back and you say, hey, guess what, the economy just crashed, I'm going to give you back half. I like debt for me, I don't like debt for the country. I like debt for my company, but I don't like debt for the country. For the country we have $19 trillion in debt, it's going to be very soon $21 trillion, not billion, $21 trillion in debt. And I will tell you we are sitting on a time bomb and Hillary Clinton doesn't have a clue. And President Obama has pretty much doubled the debt since he's been in office and somebody's going to pay a big price. We have to start chopping that debt down.

O'Donnell: Janet Yellen, who you know, the chairman of the Federal Reserve blasted you for saying that the U.S. could load up on debt and then make a deal with creditors if the economy has soured. She said there would be very severe consequences if an elected president tried to renegotiate the nation's debt.

Trump: I wouldn't renegotiate the debt.