Pete Domenici: “Presidential candidate George W. Bush had three of the best economists in America working with him on this tax proposal.…”

“Presidential candidate George W. Bush had three of the best economists in America working with him on this tax proposal. Interestingly enough, they made economic assumptions different from the Congressional Budget Office, or the OMB, for the next 5 years. Interestingly enough, the assumptions of the Congressional Budget Office and the OMB have been wrong, and most of the time they have been wrong by underestimating the performance of the economy. They have underestimated the growth in the economy, underestimated the revenue stream, and each year, we have come along later on and had to make adjustments to it. He is entitled to use his economic assumptions, which I have read and are very realistic. And that makes a very big difference if one has slight economic assumptions of a positive nature higher than one would assume in our budget.”