President Donald Trump's desire to spend $1 trillion to rebuild the nation's airports, roads and bridges may end up getting cut nearly in half, infrastructure advisor Richard LeFrak told CNBC on Monday.
LeFrak, also a billionaire real estate mogul, said on "Squawk Box" that the president would like his infrastructure efforts "to start with a 'T' but I think the number I heard tossed around is about $550 billion."
Trump has asked LeFrak and fellow New York-based property developer Steven Roth to lead a new infrastructure advisory council tasked with bringing a business sensibility to prioritizing projects that would get the most bang for the government's buck.
"[Trump] has to come up with a financing plan," the president of The LeFrak Organization said.
"There's going to be a little bit of tug of war between the conservatives and the Republican Party who are concerned about deficits and the president who's concerned about jobs," he said. "I think he will prevail ultimately because he wants to put people to work."
Painting a picture of how he sees his longtime friend approaching the presidency, LeFrak contended that Trump should be judged on what he accomplishes because "there's always a bit of negotiating posture in a lot of the things he says."