![]() ![]() CBO also prepares numerous reports on emerging economic developments and the key challenges facing the federal budget. Members of Congress rely on CBO’s analyses and feedback of legislative proposals as they craft legislation. The agency works most closely with the Congressional committees responsible for budget, appropriations, and tax legislation. CBO’s analyses are nonpartisan and reflect objective data and information. Prior to a vote by the House or the Senate on legislation, CBO prepares estimates of the bill’s budgetary impact. The agency develops and updates a baseline projection of revenues, spending, and the economy under current law, which serves as a benchmark for Congress’ legislative activity. Prior to that law, the president’s Office of Management and Budget (OMB) was the primary source of budgetary and economic information for the federal government.ĬBO’s core mission is to provide nonpartisan and independent analyses to the Congress about the budget and economy, thus improving the transparency and openness of the budget process. CBO was established as a nonpartisan agency under the Congressional Budget and Impoundment Control Act of 1974, which organized the budget process in the legislative branch. This act also led to the creation of the CBO to help provide necessary data to help Congress make informed decisions on economic and budgeting policies.CBO plays a vitally important role in the federal budget process. The CBICA implemented steps that all Presidents have to adhere to if they want to deny or delay congressional funding. During President Nixon's term, congressionally allocated funds were not released to programs that his administration did not agree with. The CBO is led by a director who, with assistance from their staff, as well as staff from both the Office of General Counsel and the Office of Communications, creates independent budget reports for a variety of proposed policies, ongoing budgets, and economic predictions.Ĭongressional Budget and Impoundment Control Act (CBICA)Ĭongress passed the Congressional Budget and Impoundment Control Act in response to an over-extension of the executive branch under President Nixon. The CBO is part of the US legislative branch and reports to Congress. The Congressional Budget Office, or CBO, was created in 1974 through the Congressional Budget and Impoundment Control Act (CBICA). The Congressional Budget Office (CBO) is a federal agency whose role has been to support the process of congressional budgeting through analyses of economic and budgetary issues from an independent perspective. Congressional Budget Office Logo, Wikimedia Commons. This article will give you a clearer understanding of the CBO, its role, and what it does.įigure 1. Have you ever wondered where they get their figures on the budget and how their programs would impact it? Most of the figures and analyses that congressmen and women use come from the Congressional Budget Office (CBO). And many times, the budget for the pieces of legislation is always questioned. International Climate Change AgreementsĬongress passes dozens of pieces of legislation every year. ![]() Slavery and the Constitutional Convention.Philosophy of the Declaration of Independence. ![]()
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