"He calls himself a king of debt. And he earned that title right here in AC," Clinton told her supporters in the casino city in New Jersey where Trump has had several properties including Taj Trump.
Trump from the Republican party and Clinton from the Democratic party face each other in the November presidential elections.
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Trump, however was quick in denying these allegations.
"I have built a tremendously successful business, which has created tens of thousands of jobs. Out of the hundreds of businesses I have owned over the decades, and hundreds of deals and transactions, I have used the chapter laws of our country in four instances, much as many of our country's elite business people do (but nobody cares about)," Trump said.
"It is an effective and commonly used practice in business to use bankruptcy proceedings to restructure a business and ultimately save jobs. Nobody understands the economy like I do and no one, especially not Crooked Clinton, will do more for the economy than I will," Trump said.
Trump's statement came moments after Clinton made a scathing attack on him for his alleged failed businesses.
In her speech, Clinton alleged that Trump's record in Atlantic City is a disaster.
She made the case that Trump is unfit to serve as President in the wake of destruction his business dealings have caused in the seaside town and for businesses and families across the country.
In her remarks Clinton highlighted Trump's history in Atlantic City of multiple bankruptcies, stiffing contractors and spurring hundreds of job losses while pocketing cash for himself.
She said that Trump's promise that he would "do for the country what I did for my business" is a clear threat, and a major reason why voters cannot allow him to endanger our economy from the White House.
"He doesn't default and go bankrupt as a last resort. He does it over and over again on purpose. Even though he knows he will leave others empty-handed while he keeps the plane, the helicopter, the penthouse," Clinton said.
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