Congressional Budget Office

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Congressional Budget Office
Seal of the United States Congress.svg
Director:Douglas Elmendorf
Year created:1975
Official website:Office website
The Congressional Budget Office is a federal office formed "to provide the budget committees and the Congress with objective, impartial information about budgetary and economic issues."[1] The appointment is made jointly by the president pro tem of the Senate and speaker of the House for a four year term.[2]

History

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.[1]

Structure

Mission

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.[3]

—CBO.gov, [1]

Leadership

The current director of the CBO is Douglas Elmendorf.

Role

The CBO produces reports for the House and Senate committees relating to budget and finances and congressional leadership.[2] 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.[4]

Recent news

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See also

External links

References