Political Quotes

“Let me be very clear that if Secretary Yellen were accurate when she said that inflation was transitory, we would have no reason to be here right now. Obviously, she has backed off those comments based on realities, and that is what we need to focus on. Now, the realities and the facts are not what some hopes might be for some legislation on the floor. Mr. Speaker, I include in the Record documents from the CBO, the JCT, the GAO, and the Department of the Treasury. CBO has received a number of questions regarding our estimate of an amendment offered by Senator Crapo during the floor debate on H.R. 5376 last weekend. That amendment, #5404, would limit the use of additional funds for the Internal Revenue Service. If the amendment had been adopted none of the additional funds could have been used to audit taxpayers with taxable incomes below $400,000. CBO did not complete a formal cost estimate in advance of consideration of the amendment but the agency did provide the following information to the Senate Budget Committee: CBO estimates that the amendment 5404 would have the following effects: No effect on outlays in the one or ten year budget windows; would reduce outlays in the five year budget window. No effect on revenues in the one year budget window; would reduce the ``non-scorable'' revenues resulting from the provisions of section 10301 in the five and ten year budget windows.…”