The Junior Finance Minister Brian Hayes has downplayed the chances of Ireland missing its deficit target.
The Budget watchdog also said the Government did not listen to its recommendation on taking a precautionary credit line on leaving the bailout.
He said: "I really wouldn't over-hype this. What they said actually is that the risk has moved from 1 in 3 to 1 in 2.
"We wouldn't be in the crisis we are in right now were it not for the fact that people with different voices must have those voices heard, but at the same time it is the task of Government to make an assessment.
"The argument is if we went for a bigger adjustment of €3.1bn as against the €2.5bn, it could well have made for more difficulties in terms of the domestic economy."