U.S. Republican presidential candidate Trump hugs a U.S. flag as he takes the stage for a campaign town hall meeting in Derry Thomson Reuters WASHINGTON (Reuters) - U.S. Republican presidential candidate Donald Trump said on Thursday that if elected he would scrap a slew of federal regulations that he said are even more of a burden on American business owners than high taxes, and would try to refinance longer-term U.S. debt.

"We're lowering taxes very substantially and we're going to be getting rid of a tremendous amount of regulations," Trump said in an interview with CNBC.

In the wide-ranging interview, the New York billionaire also said he supports low interest rates for now and believes the United States should try to refinance some of its debt to help pay for infrastructure repairs.

"I would refinance debt. I think we should refinance longer-term debt," Trump said.

The real estate magnate told CNBC he would not renegotiate U.S. bonds but would buy back at discounts, depending where interest rates are.

"I think there are times for us to refinance, refinance debt with longer term," he said. "Because you know we owe so much money. Nobody talks about it - nobody talks about it until the bubble pops. And the bubble could pop, and it could pop and it could be ugly."

Trump, the presumptive Republican presidential nominee for the Nov. 8 election, also said there was a 40 percent chance his vice presidential pick would be a former Republican presidential rival.