Guggenheim's Scott Minerd expects a recession in 2020, but if Republicans maintain control of Congress in the upcoming elections that could be delayed.
However, there will be a cost, he told CNBC on Wednesday.
"That will extend the expansion but that will make the recession that follows all the worse. We're already seeing excesses in the system," said Minerd, the firm's global chief investment officer and chairman of investments. Guggenheim has $265 billion of assets under management.
The remarks followed Trump's tweet on Tuesday that said if people want stocks to go down they should vote Democrat.
Trump's top economic advisor, Larry Kudlow, also weighed in. He told CNBC on Wednesday, "Many investors are concerned that a big change in Congress would cause a rollback of the key factors driving this strong economy."