Acronym for the phrase: Pull it out your ass.
Common usage: Anything any Re/TEApublican or FAUX Noise squawking-head asserts as factual, historical and reality. Ideological, faith-based bloviation devoid of any relation to the actual, factual real world we live in.
Historical usage: Whole-cloth fabricated numbers serving as the dubious basis for flawed statistical analysis (See WAG – Wild Ass Guess).
Review the steaming load of PIOYA that Lyin' Ryan and Willard RawMoney spewed at the RNC Convention in Tampa, Florida this year (2012).