Congressional Budget Office

Congressional Budget Office
Congressional Budget Office · Public domain · source
Agency name	Congressional Budget Office
Formed	1974
Jurisdiction	United States Congress
Headquarters	Washington, D.C.
Employees	235
Budget	$50 million
Chief	Phillip Swagel

Congressional Budget Office. The United States Congress established the Congressional Budget Office (CBO) in 1974, with the enactment of the Congressional Budget and Impoundment Control Act of 1974, to provide United States House of Representatives and United States Senate with objective, non-partisan analysis of budgetary and economic issues. The CBO works closely with the Joint Committee on Taxation and the Government Accountability Office to provide accurate and timely information to Members of Congress. The CBO's analysis is often cited by Federal Reserve officials, including Jerome Powell and Janet Yellen, and is used by the Office of Management and Budget to inform federal budget decisions.

Overview

The Congressional Budget Office is a non-partisan agency that provides economic and budgetary analysis to the United States Congress. The CBO's work is guided by the Congressional Budget and Impoundment Control Act of 1974, which requires the agency to provide estimates of the costs of legislation and to analyze the economic and budgetary impacts of federal policy. The CBO works closely with other agencies, including the Internal Revenue Service and the Social Security Administration, to provide accurate and comprehensive analysis of federal programs and tax policies. The CBO's analysis is often cited by economists, including Alan Greenspan and Ben Bernanke, and is used by the National Economic Council to inform economic policy decisions.

History

The Congressional Budget Office was established in 1974, as part of a broader effort to reform the federal budget process. The Congressional Budget and Impoundment Control Act of 1974 was signed into law by President Richard Nixon and created the CBO as a non-partisan agency responsible for providing economic and budgetary analysis to the United States Congress. The CBO began operations in 1975, with Alice Rivlin as its first director, and has since become a respected and authoritative source of information on federal budget and economic issues. The CBO has worked closely with Congressional committees, including the House Committee on the Budget and the Senate Committee on the Budget, to provide analysis and estimates of the costs of legislation.

Functions

The Congressional Budget Office has a number of key functions, including estimating the costs of legislation, analyzing the economic and budgetary impacts of federal policy, and providing information on federal programs and tax policies. The CBO also produces a number of reports and publications, including the Budget and Economic Outlook and the Monthly Budget Review, which provide detailed information on the federal budget and the state of the economy. The CBO works closely with other agencies, including the Treasury Department and the Labor Department, to provide accurate and comprehensive analysis of federal programs and tax policies. The CBO's analysis is often cited by think tanks, including the Brookings Institution and the American Enterprise Institute, and is used by the Council of Economic Advisers to inform economic policy decisions.

Organizational Structure

The Congressional Budget Office is headed by a director, who is appointed by the Speaker of the House of Representatives and the President pro tempore of the Senate. The director is responsible for overseeing the work of the CBO and for ensuring that the agency's analysis is objective and non-partisan. The CBO is organized into a number of divisions, including the Budget Analysis Division and the Macroeconomic Analysis Division, which are responsible for producing the agency's reports and publications. The CBO also has a number of advisory committees, including the Panel of Economic Advisers, which provide guidance and advice on the agency's work. The CBO works closely with other agencies, including the Federal Reserve Bank of New York and the International Monetary Fund, to provide accurate and comprehensive analysis of federal programs and tax policies.

Budget and Personnel

The Congressional Budget Office has a budget of around $50 million and a staff of around 235 people. The CBO's budget is appropriated by Congress and is used to fund the agency's operations, including the production of reports and publications. The CBO's staff includes a number of economists, budget analysts, and other experts who are responsible for producing the agency's analysis and estimates. The CBO also has a number of fellowships and internships available for students and young professionals who are interested in working in the field of public policy. The CBO works closely with other agencies, including the National Science Foundation and the National Institutes of Health, to provide accurate and comprehensive analysis of federal programs and tax policies.

Reports and Publications

The Congressional Budget Office produces a number of reports and publications, including the Budget and Economic Outlook and the Monthly Budget Review. These reports provide detailed information on the federal budget and the state of the economy, and are used by policymakers and economists to inform federal budget and economic policy decisions. The CBO also produces a number of other reports and publications, including analyses of legislation and federal programs, and studies of tax policies and health care issues. The CBO's reports and publications are available on the agency's website and are widely cited by media outlets, including The New York Times and The Wall Street Journal, and by think tanks, including the Cato Institute and the Heritage Foundation. The CBO works closely with other agencies, including the Library of Congress and the Government Publishing Office, to provide accurate and comprehensive information on federal programs and tax policies. Category:United States government agencies