Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Actually, they started out north of CBO on the advice of the Defense Department. I’m not sure what they factored into their thinking that led them to bring their number down to below where the Defense Department said it was going to be. It may be because their figure is $5 billion or so weaker than ours for the fiscal year as a whole, which translates to $10 billion at an annual rate for the remaining two quarters.

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