Donald Trump has been accused of “having his ar*e handed to him” on live TV by a fellow Republican.
The US president made an unexpected visit to the Federal Reserve on Thursday, wearing a hard hat and touring its Washington headquarters with Fed Chair Jerome Powell.
The visit followed weeks of criticism from the former president over the project’s rising costs, which he claims have ballooned to $3.1 billion (£2.4bn).
“We’re just taking a look at what’s happening,” Trump said, acknowledging the scale of the multi-year works.
He distanced himself from suggestions he plans to sack Powell, adding: “I don’t want to be personal,” adding: “I’d love him to lower interest rates”.
Renovations began in 2022 and are due for completion in 2027.
The president’s visit included Republican senators and senior aides, who accused the Fed of understating the cost.
Trump produced a document claiming the higher figure, which Powell dismissed, explaining it included a separate building refurbished years ago. “It’s not new,” Powell said.
The timing of the visit is notable, as Powell prepares to chair a key meeting of the Federal Open Market Committee (FOMC) next week on interest rates. Analysts say Trump is increasing pressure on the central bank to cut rates.
Earlier, Fed staff gave journalists a tour to counter claims of excessive spending.
They said only two small changes were made to the approved plans: scrapping rooftop seating and removing water fountains. Reports of luxury features such as private dining rooms and “VIP lifts” were also denied.
While Trump has recently toned down threats to fire Powell, he said this week, “In eight months, he’ll be out.”
Treasury secretary Barry Bessent confirmed a new Fed chair nominee could be announced by year-end.
The Fed insists the rising cost is due to inflation, asbestos, and structural issues.
Powell recently said the 1930s-era buildings hadn’t had a full renovation in nearly a century.