this pledge he has that calls for opposing any increase in tax rates and has been signed, that pledge by nearly every republican in the house. this as we digest some grim news from the federal reserve today. the economy forecasts by the federal reserve is growing more slowly than they previously thought. the fed says its senior officials expect growth of 1.9% to 2.4% this year. that is lower than what they predicted back in april. art laffer, former economic advisor to president reagan. good to have you with us, art. >> thank you, jenna. jenna: why do you think the fed decided to revise its forecast now? >> because they were wrong. i mean they have been overestimating the growth and what these policies would do for a long time now. frankly, jenna, i never heard of a economy taxed into prosperity. it doesn't make much sense to me. fed policies and stimulus policies haven't worked. they're just revising down now, catching up with what is really happening unfortunately. jenna: let's talk a little