Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

The White House accuses the Fed chair of potentially "violating the law" in his renovation of the central bank's Washington, D.C., headquarters.

Russell Vought, President Trump's top budget adviser, took questions Friday morning as the White House ramps up pressure on the Federal Reserve to lower rates. Vought said Federal Reserve Chairman Jerome Powell,

President Donald Trump has said the quiet part out loud. His threats to terminate Federal Reserve Chair Jerome H. Powell if Powell doesn’t cut interest rates are motivated by one simple desire: to make it cheaper for the administration to add about $4 trillion to the federal debt.

The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

President Donald Trump has spent months criticizing Federal Reserve Chair Jerome H. Powell, most recently arguing that the central bank should immediately cut interest rates to make it easier for the United States to finance ballooning deficits,

President Trump is putting pressure on Federal Reserve Chairman Jerome Powell to lower interest rates, and has been critical of the Fed's $2.5 billion office renovation.