Rep. Dan Meuser: The CBO Was Never in Doubt But Never Right, They Were Off by 700% on ‘Inflation Reduction Act’

EXCERPT:

MEUSER: "I say the CBO was never in doubt, but never right. They tend to be wrong. Look, on the IFR, the Inflation Reduction Act they were up by 700%. Stuart, these government entities just continue to be wrong and continue to use the same models, they continue to do the same things and they've always done it, and they're off, in this case with the IFR, 700%. They were so far off in the Trump era tax reductions that created $800 billion in added revenue. They stated it was going to be far less than that. So, I don’t agree with them. They use a very static model. They don’t use any dynamic modeling. Look, 1% reduction in interest rates — they're not taking this into consideration — will reduce our deficit by $500 billion. A one percent increase in GDP will increase our revenue by $350 billion. There are smarter ways of going about this, and these are things that the president is going to do. But I'll also tell you this. The commissioner on tax reform came up with their number — that's a bipartisan group of members of Congress — their number was $800 billion. And meanwhile you have the CBO at 4.1 trillion. They are wrong. They are used to being wrong. They're not called on it. Their models need to be reformed."