Donald Trump's presidency will be powerless to prevent U.S. government debt from soaring beyond $20 trillion in under eight weeks, Marc Faber, the publisher of the Gloom, Boom & Doom report, told CNBC's "Street Signs".

Faber, who is also known as Dr. Doom for his typically downbeat calls condemned monetary policy in the Western world and stressed it would not have mattered whether Clinton or Trump had been elected president as neither could turn the tide on government debt.

Donald Trump was elected the 45th president of the U.S. on Wednesday in a stunning upset of investors' expectations.

Faber told CNBC: "Under Trump or under Clinton, the deficit will have gone up substantially. Monetary policy has essentially failed.

"Over the last 12 months, U.S. government's debt increased by 1.4 trillion dollars and will hit 20 trillion dollars very quickly… within a month or two," added Faber.