Newt Gingrich: Abolish the CBO

Former House Speaker Newt Gingrich (R-GA) blasted the Congressional Budget Office after it released a critical report of the GOP’s ObamaCare replacement plan on Monday, calling for the abolishment of the federal agency.

“One of my great disappointments with the Republicans in Congress has been their failure to abolish the Congressional Budget Office,” Gingrich told FOX Business’ Lou Dobbs, adding that he has “no respect” for the CBO.

The Congressional Budget Office’s new report estimates that up to 14 million Americans would be left without healthcare coverage by 2018 under the House of Representatives’ proposed ObamaCare replacement plan.

Gingrich, who served as Speaker of the House between 1995-1999, explained how the CBO, a nonpartisan organization that analyzes the budgetary and economic impacts of proposed legislation, could be replaced.

“This is a dishonest bureaucratic organization... save the money, hire outside professional firms, get three to five major scores on bills.”

He added: "Let’s be honest about the fact no group of bureaucrats can accurately tell you, in a complex world, what is going to happen over the next five or ten years.”