Congressional Budget Office
|Congressional Budget Office|
|Official website:||Office website|
The Budget and Accounting Act of 1921 established the Bureau of the Budget with the budget to be created each year by the president. Congress, at the time, could not establish, enforce or coordinate the budget or create independent budgetary information. As tension rose between Congress and the presidency, the Congressional Budget and Impoundment Control Act of 1974 was passed and went into effect in 1975 by the Nixon administration. The law placed budgetary powers in the hands of Congress, established the House and Senate budget committees and the Congressional Budget Office.
The official CBO mission statement is as follows:
|“||to provide the budget committees and the Congress with objective, impartial information about budgetary and economic issues.||”|
The current director of the CBO is Douglas Elmendorf.
|Directors of the CBO Full History|
|CBO Directors||Years in office||Administration|
|Alice M. Rivlin||1975-1983||Gerald Ford|
|Rudolph G. Penner||1983-1987||Ronald Reagan|
|Robert D. Reischauer||1989-1995||George H. W. Bush|
|June E. O'Neill||1995-1999||Bill Clinton|
|Dan L. Crippen||1999-2003||Bill Clinton|
|Douglas Holtz-Eakin||2003-2005||George W. Bush|
|Peter R. Orszag||2007-2008||George W. Bush|
|Douglas Elmendorf||2009-Present||Barack Obama|
The CBO produces reports for the House and Senate committees relating to budget and finances and congressional leadership. The most important annual report produced is the Budget and Economic Outlook report produced in January and updated in August each year. The Budget and Economic Outlook report provides Congress and the president a benchmark for budgetary and tax policy by forecasting spending and revenue over the next 10 years under current laws.
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- Congressional Budget Office, "Our Founding," accessed April 17, 2014
- Congressional Budget Office, "Our Organization and People," accessed April 17, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
- Congressional Budget Office, "Budget and Economic Outlook," accessed April 17, 2014