Congressional Budget Office
Encyclopedia
The Congressional Budget Office (CBO) is a federal agency within the legislative branch
of the United States government that provides economic data to Congress.
The CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974
.
on July 12, 1974. Official operations began on February 24, 1975, with Alice Rivlin
as director.
With respect to estimating spending for Congress, the Congressional Budget Office serves a purpose parallel to that of the Joint Committee on Taxation for estimating revenue for Congress, the Department of the Treasury
for estimating revenues for the Executive
and estimates required for the Congressional budget process
. This includes projections on the effect on national debt and cost estimates for legislation.
and Senate
Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. This is currently done by preparation of an annual Economic and Budget Outlook plus a mid-year update. The agency also each year issues An Analysis of the President's Budgetary Proposals for the upcoming fiscal year per a standing request of the Senate Committee on Appropriations. These three series are designated essential titles distributed to Federal Depository Libraries
and are available for purchase from the Government Printing Office
. CBO also prepares reports and issues briefs and provides testimony often in response to requests of the various Congressional Committees. It also issues letters responding to queries made to it by members of Congress.
and the President pro tempore of the Senate jointly appoint the CBO Director, after considering recommendations from the two budget committees. The term of office is four years, with no limit on the number of terms a Director may serve. Either House of Congress, however, may remove the Director by resolution. At the expiration of a term of office, the person serving as Director may continue in the position until his or her successor is appointed.
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United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
of the United States government that provides economic data to Congress.
The CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974
Congressional Budget and Impoundment Control Act of 1974
The Congressional Budget and Impoundment Control Act of 1974 is a United States federal law that governs the role of the Congress in the United States budget process.-The Congressional budget process:...
.
History
The Congressional Budget Office was created by Title II of the Congressional Budget and Impoundment Control Act (P.L. 93-344), which was signed into law by President Richard NixonRichard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
on July 12, 1974. Official operations began on February 24, 1975, with Alice Rivlin
Alice Rivlin
Alice Mitchell Rivlin is an economist, a former U.S. Cabinet official, and an expert on the budget. She has served as the Vice Chairman of the Federal Reserve, the Director of the White House Office of Management and Budget, and the first Director of the Congressional Budget Office...
as director.
Mission
The CBO's mandate is to provide Congress with:- Objective, nonpartisan, and timely analysis to aid in economic and budgetary decisions on a wide array of programs covered by the federal budget;
- And the information and estimates required by the Congressional budget process.
With respect to estimating spending for Congress, the Congressional Budget Office serves a purpose parallel to that of the Joint Committee on Taxation for estimating revenue for Congress, the Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
for estimating revenues for the Executive
Executive (government)
Executive branch of Government is the part of government that has sole authority and responsibility for the daily administration of the state bureaucracy. The division of power into separate branches of government is central to the idea of the separation of powers.In many countries, the term...
and estimates required for the Congressional budget process
Budget process
A budget process refers to the process by which governments create and approve a budget, which is as follows:* The Financial Service Department prepares worksheets to assist the department head in preparation of department budget estimates...
. This includes projections on the effect on national debt and cost estimates for legislation.
Operations
Section 202(e) of the Budget Act requires submission by CBO to the HouseUnited States House Committee on the Budget
The U.S. House Committee on the Budget, commonly known as the House Budget Committee, is a standing committee of the United States House of Representatives, the lower house of Congress...
and Senate
United States Senate Committee on the Budget
The United States Senate Committee on Budget was established by the Congressional Budget and Impoundment Control Act of 1974. It is responsible for drafting Congress's annual budget plan and monitoring action on the budget for the Federal Government. The committee has jurisdiction over the...
Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. This is currently done by preparation of an annual Economic and Budget Outlook plus a mid-year update. The agency also each year issues An Analysis of the President's Budgetary Proposals for the upcoming fiscal year per a standing request of the Senate Committee on Appropriations. These three series are designated essential titles distributed to Federal Depository Libraries
Federal depository library
The Federal Depository Library Program is a United States program created to make U.S. federal government publications available to the public at no cost. As of June 2008, there are 1,252 depository libraries in the United States and its territories. A "government publication" is defined in the U.S...
and are available for purchase from the Government Printing Office
United States Government Printing Office
The United States Government Printing Office is an agency of the legislative branch of the United States federal government. The office prints documents produced by and for the federal government, including the Supreme Court, the Congress, the Executive Office of the President, executive...
. CBO also prepares reports and issues briefs and provides testimony often in response to requests of the various Congressional Committees. It also issues letters responding to queries made to it by members of Congress.
Leadership
The Speaker of the House of RepresentativesSpeaker of the United States House of Representatives
The Speaker of the United States House of Representatives, or Speaker of the House, is the presiding officer of the United States House of Representatives...
and the President pro tempore of the Senate jointly appoint the CBO Director, after considering recommendations from the two budget committees. The term of office is four years, with no limit on the number of terms a Director may serve. Either House of Congress, however, may remove the Director by resolution. At the expiration of a term of office, the person serving as Director may continue in the position until his or her successor is appointed.
Divisions
The Congressional Budget Office is divided into eight divisions.- Budget Analysis
- Financial Analysis
- Health and Human Services
- Macroeconomic Analysis
- Management, Business, and Information Services
- Microeconomic Studies
- National Security
- Tax Analysis
Directors of the Congressional Budget Office
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See also
- United States CongressUnited States CongressThe United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
- United States federal budgetUnited States federal budgetThe Budget of the United States Government is the President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1. Congressional decisions are governed by rules and legislation regarding the federal budget process...
- Office of Management and Budget
- Compare:
- Office for Budget ResponsibilityOffice for Budget ResponsibilityThe Office for Budget Responsibility provides independent economic forecasts as background to the preparation of the UK budget. It was formally created in May 2010 following the general election, although it had previously been constituted in shadow form by the Conservative party opposition in...
(United Kingdom, created 2010) - Parliamentary Budget OfficerParliamentary Budget OfficerThe Parliamentary Budget Officer was established in 2006 and is mandated by the Parliament of Canada Act to provide independent analysis to the Senate and House of Commons on the state of Canada's finances, the government’s estimates and trends in the national economy. It was one of the...
(Canada, created 2008)
Further reading
- Allen Schick, Felix LoStracco The Federal Budget: Politics, Policy, Process. Washington, D.C.: Brookings Institution, 2000.
- Phillip Joyce, "The Congressional Budget Office: Honest Numbers, Power, and Policymaking". Washington, D.C.: Georgetown University Press, 2011.