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Trump Freely Admits in Old Video: 'I Was Billions of Dollars in Debt' About 13 Years Ago

A promotional video put out by President Trump years ago throws cold water on the New York Times' exclusive "bombshell" report about Trump's taxes showing "staggering" business losses of more than $1 billion from 1985 through 1994.

In the video, Trump freely admitted that he was "billions of dollars in debt" during that time period.

"I'm Donald Trump and I'm the largest real estate developer in New York. I own buildings all over the place, model agencies, the Miss Universe Pageant, jetliners, golf courses, casinos, and private resorts like Mar-a-Lago -- one of the most spectacular estates anywhere in the world," the bombastic billionaire boasted. "But it wasn't always so easy. About thirteen years ago, I was seriously in trouble. I was billions of dollars in debt. But I fought back and I won -- big league!" he declared.

Strangely enough, Trump's admission that he lost billions of dollars, wasn't a bombshell at the time.

The big story in the Times in October 1995, in fact, was that Trump was the "Comeback King":

Though there are still four years to go in the 90's, business and government leaders in New York honored Donald J. Trump yesterday for pulling off what they called "the comeback of the decade."

Mr. Trump, the developer who came to epitomize opulent wealth during the 80's before tumbling into deep financial trouble, has managed to erase much of his debt and is moving ahead with major projects at a time other developers are idling.

On Fox and Friends Wednesday morning, Newt Gingrich blasted the hypocrisy of politicians and reporters who are pushing the alleged bombshell.

"It would be fun, for example, to challenge the owner of the New York Times to release all of his tax returns and find out how many loopholes and shelters the New York Times and the family have taken over the last forty or fifty years," he said. "It would be fascinating to have Nancy Pelosi release her family tax returns, find out how many different things they've done because they're pretty rich," he added.

Gingrich pointed out that Trump was "a very serious businessman" who always had the best lawyers and accountants, suggesting that the methods he used to avoid paying taxes were above board.

"Look, this is actually an argument for the Trump tax cuts. When you lower taxes, there's less reason to have shelters. And when you lower taxes, there's less reason to create losses for tax purposes. So in a very real way, the Trump tax cuts are vindicated by the New York Times' story," he argued.