President Trump on Wednesday touted gains in the stock market, suggesting that his administration was "in a sense reducing debt."

During an interview on Fox News, Trump said he's proud of the "$5.2 trillion of increased in the stock market."

"The country -- we took it over and owed over 20 trillion. As you know the last eight years, they borrowed more than it did in the whole history of our country. So they borrowed more than $10 trillion, right? And yet, we picked up 5.2 trillion just in the stock market," Trump said during an interview on Fox News.

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"Possibly picked up the whole thing in terms of the first nine months, in terms of value. So you could say, in one sense, we're really increasing values. And maybe in a sense, we're reducing debt. But we're very honored by it."

He added he is "very, very happy with what's happening on Wall Street."

Trump appeared to be suggesting that stock market gains would lead to a reduction in the country's national debt.

Earlier Wednesday, Trump vowed that the stock market and employment would "grow by leaps and bounds" if Congress passes tax cuts he is proposing.

"Stock Market has increased by 5.2 Trillion dollars since the election on November 8th, a 25% increase. Lowest unemployment in 16 years and if Congress gives us the massive tax cuts (and reform) I am asking for, those numbers will grow by leaps and bounds #MAGA," the president said in a series of tweets.