On Thursday President Trump toured the renovation of the Federal Reserve Building in Washington DC with Fed Chair Jerome Powell.
The cost of the renovations of the building complex has ballooned from by over one billion dollars since the project was started, from $1.9 billion to over $3.1 billion.
Almost immediately after President Trump paused in front of the cameras, he called Powell out for going more than one billion over budget. “The 2.7 is now 3.1 [billion],” Trump said.
Powell disagreed and interrupted, saying, “I’m not aware of that.” That’s when Trump pulled out the receipts with a document from the Fed.
Powell then tried to argue with Trump and say he’s wrong because Trump included a building that was “part of the overall” renovation, said Trump.
Powell said he does not expect additional cost overruns, but “we’re ready for them,” and “we have a little bit of a reserve that we may use.”
“We expect to be finished in 2027,” he added.
Watch the exchange below:
Following this humiliating exchange with Fed Chair Powell, reporters met with top Trump finance officials outside of the building complex.
CNN’s Kaitlan Collins challenged the Trump officials on the total costs on the Federal Reserve renovation project.
This was a mistake.
After Jay Powell contradicted President Trump on the cost of the Federal Reserve renovations, I asked Trump’s budget chief and deputy chief of staff about the numbers: pic.twitter.com/PU2DQpdQL0
— Kaitlan Collins (@kaitlancollins) July 25, 2025
President Trump’s OMB General Counsel Mark Paoletta later produced the goods for the fake news media.
According to Mark Paoletta,
“President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday.
FRB documents show FRB 2022 Budget (below) adopted in November 2021 was $1.4 Billion for the Eccles & 1951 Building portion of the FRB HQ project and a total budget for all three buildings comprising the FRB HQ (including the Martin building) of $1.8 Billion.
FRB 2025 Budget (below) shows costs for Eccles and 1951 are now $2.5 billion – a more than $1 Billion cost overrun for the current project (all incurred after Trump 45) and bringing the total cost of the Fed’s HQ renovation for all three buildings to $3.1 billion.
President Trump visited the FRB to try to encourage Jerome Powell to finish this job without any more cost overruns and to get it done quickly.
Thank you for your attention to this matter!”
Mark included these two projections.
The project was originally approved to cost $2.4 billion.
The project today is costing over $3.1 billion as Trump stated yesterday during his on camera confrontation of Jerome Powell.
Powell was not honest with the public.
Jerome Powell is a disaster and has to go!
Here is Mark Paoletta’s tweet fact-checking CNN hack Kaitlan Collins.
President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday.
FRB documents show FRB 2022 Budget (below) adopted in November 2021 was $1.4 Billion for the Eccles & 1951 Building portion of the FRB HQ project and a total budget for… https://t.co/54IzoACGhl pic.twitter.com/yRZ8iGWBAV
— Mark Paoletta (@MarkPaoletta) July 25, 2025
The post Kaitlan Collins GETS SMOKED! CNN Hack Tries to Deny Jerome Powell Overspent on Renovation Project by $1.5 Billion – Then Trump OMB Attorney Drops the Receipts appeared first on The Gateway Pundit.