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Larry Lindsey: Congressional Budget Office “Part Of The Swamp”


Larry Lindsey, the first National Economic Council Director under President George W. Bush, called the Congressional Budget Office (CBO) "part of the swamp" in an appearance on CNBC Tuesday to talk about tax reform and the Senate health care fight. Lindsey admonished the actuarial arm of the legislative branch for being "consistently wrong" in their budget estimates when it comes to healthcare. Lindsey is known for shooting down former Secretary of Defense Donald Rumsfeld's estimate that the Iraq War wouldn't cost more than $50 billion. Lindsey, in 2002, said the war could be a $200 billion expenditure. Lindsey was soon dispatched from the administration after going public with his assessment. "The economy needs supply side oriented tax reform. It's the only way the economy is going to grow going forward. It's necessary to get investment restarted. It's necessary to get productivity up. And if they don't do that, they won't get the growth that is estimated in those numbers and so growth is a necessary it's usually not sufficient but it's a necessary condition for achieving any kind of budget control," Lindsey said. The economist lambasted the CBO for doing a "lousy job" of estimating things, particular health reform."One of the biggest stumbling blocks and I think this is the point that I sent you earlier, that we have a Congressional Budget Office that is really doing a lousy job of estimating things, particularly on health care reform," Lindsey said. "Taking their numbers as gospel just like taking DoD numbers gospel about defense spending is a really silly way to go," he said. "A little bit of history here," Lindsey began, "they were way off in estimating the reforms, the benefits of the reforms in Part D, Medicare. When Obamacare came in, they estimated that by 2017 we would have 23 million people in the exchanges. We actually have 10 million people in the exchanges. "In 2015, when they estimated what was going to happen as a result of a repeal of Obamacare, outright repeal, they said uninsured will go up by 22 million. Well, we have something that is far from outright repeal. We have literally hundreds of billions of dollars in subsidies in the Senate bill and lo and behold they find it still is going to cost 22 million people their insurance. And you know what the strangest thing is they have a number in there that 15 million people are going to lose insurance because they're not required to get it. And that requires 5 million people dropping out of Medicaid. So the CBO really thinks that people are going to give up free insurance if they're not required to take it? The numbers, unfortunately, these numbers are getting in the way of sound public policy and we really need to sort of step back, CBO is fine. But taking their numbers as gospel just like taking DoD numbers gospel about defense spending is a really silly way to go," he said. Lindsey is asked to expand on the following comment he made about the "the swamp" including the CBO: "Although technically nonpartisan the CBO by its very nature is part of the swamp." "CBO is not part of the swamp. The CBO is bunch of very professional… folks trying to do their best to figure out the effects of all the ideas Congress comes up with," Donald Marron Jr., a former acting director of the Congressional Budget Office, said in response. Marron was also a member of the President's Council of Economic Advisers in the Bush and Obama administrations. "They're carrying out God's work trying to inform policymakers about the tradeoffs that they face," he added. "Without something like the CBO you'd be in a situation where people would be making up their numbers, quoting things out of context, and it's incredibly useful to have an organization that's trying to give us the big picture of what the effects of policy changes are going to be." "Don, wouldn't you agree that the CBO has been consistently wrong on health care? They have been. They have been consistently wrong for the last 15 years in all of their health care estimates. How is it that they can come up with the same number of uninsured when you repeal the law as when do you something like the Senate did which has billions of dollars in subsidies? It just doesn't make sense. It is not sensible numbers, period," Lindsey said.

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Majority Leader McCarthy: “Bernie Sanders, Nancy Pelosi Philosophy” Failed In Georgia


House Majority Leader Kevin McCarthy (R-CA) addressed the Georgia special election on CNBC Wednesday morning. "They have spent more than $30 million. They used a progressive movement of where they're going. This is the Bernie Sanders, Nancy Pelosi philosophy, and it failed," McCarthy said of the Democratic strategy.

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Rep. Maxine Waters Calls On Deutsche Bank To Release Information About Trump’s Dealings With Russia: “Reputation For Money Laundering”


Rep. Maxine Waters (D-Calif.) tells CNBC why she along with other House Democrats are asking Deutsche Bank for documents related to President Trump's financial accounts. "We're hearing from them that they want to know how to perhaps cooperate with us. Because we're saying — We're making claims about the fact that Deutsche Bank has some involvement with Mr. Trump in guaranteeing loans, they… are dealing with him when no other banks will deal with him because he has filed bankruptcy, he has all this debt," she said. "And Deutsche Bank has a reputation for not having controls that woudl deal with money laundering. There's a lot of information… on his connections to Russia and the Kremlin," she added.

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Fmr. Clinton Campaign Manager Mook: “Reporting” Indicates That Trump Fired Comey To Stop Russia Investigation


Clinton 2016 campaign manager Robby Mook told CNBC Wednesday morning that the news of FBI Director James Comey being fired by President Trump is "disturbing" and "frightening." Mook also cited anonymous "reporting" which calls into question Trump's motives and suggests a cover-up related to Russia. "There were serious question raised about how he handled this, but the same day we find out subpoenas are going out relevant to the Russia investigation into Trump's campaign, he decides to fire the director of the FBI because he claims he is upset about how he handeled Hillary Clinton's emails. It is absurd!" Mook said. "All the reporting indicates this came out of frustration from President Trump about the Russia investigation. This is all 'reporting.' This isn't information I have myself. The president was continually pushing on the FBI to stop looking into Russia…and they wouldn't do that… and that is why Director Comey was let go. I'll be honest with you: I'm stunned with the timing of this," he also said.

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Alan Greenspan: US Can’t Afford $1 Trillion Infrastructure Spending


Infrastructure projects have too many upfront costs, the former Fed chair says in an interview with CNBC. Alan Greenspan, the former head of the Federal Reserve, said the US can't afford a $1 trillion infrastructure plan such as the one proposed by President Donald Trump.

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George Will: I Have A Feeling That O’Reilly Is Replaceable


George Will delivers commentary on the departure of Bill O'Reillyat FOX News in an appearance on CNBC. "Well, the question is, are they loyal to Bill O'Reilly or are they loyal to the FOX brand itself," Will said of O'Reilly viewers. "When Megyn Kelly left and they put Tucker Carlson in her slot nothing happened. The ratings stayed strong, and the viewers were happy. I have a feeling that Mr. O'Reilly is replaceable. As Charles de Gaulle said, the graveyards are full of indispensable men." You may recall, Bill O'Reilly and George Will entered a feud in late 2015 when the FOX News host called the then-FOX News contributor a "hack." In 2016, O'Reilly said he "destroyed" George Will. In December, O'Reilly said Will holds "personal animus" for Trump.

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Evelyn Farkas: I Was Concerned About Russian Meddling “Cover-Up” By Trump After The Election


Former Obama administration official Evelyn Farkas talked to CNBC to elaborate controversial comments she made in an appearance on Morning Joe about surveillance on the Trump for president campaign. Farkas' remarks, originally made in early March, are making waves this week as accusations of Russian influence on the 2016 U.S. presidential election are being investigated. In an interview with Hugh Hewitt, Trump White House chief of staff Reince Priebus said he would "dig into" her "incredible" statement. "We were having a transition of power from the Obama administration to the Trump administration," Farkas said Thursday. "If indeed there was an investigation ongoing, if indeed there was information the Obama administration had about Russian interference and possible American involvement, I wanted to make sure Congress knew about it." "I was afraid of a cover-up," she added. Mark Levin Questions How Evelyn Farkas Has Access to Trump Intelligence: Evelyn Farkas responds to Trump supporters' claims that she proved his wiretap allegation:

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