Congressional Budget Office

File:Introduction to the Congressional Budget Office.webm

Ford_House_Office_Building,_Washington,_DC_(2006)

Nonpartisan agency of the United States Congress

The Congressional Budget Office (CBO) is a nonpartisan agency within the United States Congress that provides budget and economic information to Congress. Established by the Congressional Budget and Impoundment Control Act of 1974, the CBO's primary mission is to provide Congress with objective, timely, and nonpartisan analyses needed for economic and budget decisions.

History

The CBO was created as part of the Congressional Budget and Impoundment Control Act of 1974 to strengthen Congress's role in the budget process. The agency was established to provide Congress with its own source of budgetary and economic information, independent of the Executive Branch.

Functions

The CBO's primary functions include:

• Preparing baseline budget projections
• Analyzing the President's budget proposals
• Estimating the cost of proposed legislation
• Conducting long-term budget projections
• Providing economic forecasts

Leadership

The CBO is headed by a director, who is appointed jointly by the Speaker of the House and the President pro tempore of the Senate. The director serves a four-year term and can be reappointed.

Reports

The CBO produces a variety of reports, including:

• The Budget and Economic Outlook, which provides projections for the federal budget and the economy
• The Long-Term Budget Outlook, which examines the long-term fiscal challenges facing the United States
• Cost estimates for proposed legislation, which help Congress understand the potential financial impact of new laws

Impact

The CBO's analyses and reports are widely respected and used by policymakers, researchers, and the public. The agency's work helps ensure that Congress has the information it needs to make informed budgetary and economic decisions.

Related Pages

• United States Congress
• Congressional Budget and Impoundment Control Act of 1974
• Budget of the United States government
• Office of Management and Budget
• Government Accountability Office

   This article is a United States government–related stub. You can help WikiMD by expanding it!