Congressional Budget Office Definition
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Legislation enacted in the first session of the 116th congress that affects mandatory spending or revenues.
Congressional budget office definition. Official operations began on february 24 1975 with alice rivlin as director. These data have been published in the budget and economic outlook and updates and in their associated supplemental material except for that from the long term budget outlook. Federal agency responsible for composing and reporting data related to the federal budget for members of congress.
The congressional budget office was created by title ii of the congressional budget and impoundment control act p l. Cbo does not make policy recommendations and each report and cost estimate summarizes the methodology underlying the analysis. Congress it also assists the house and senate budget committees.
And hires its employees solely on the basis of professional competence without regard to political affiliation. Cbo is strictly nonpartisan. The goal of the agency is to provide congress with accurate and timely information which can be used to assist them in making educated decisions regarding monetary policies and taxation.
Conducts objective impartial analysis. A report to the congress. It reviews the president s annual budget it also reports on the deficit impact of every important piece of legislation.
This glossary defines various budgetary and economic terms that are commonly used in reports produced by cbo. The congressional budget office cbo is responsible for economic forecasting and fiscal policy analysis scorekeeeping cost projections and an annual report on the federal budget the office also underdakes special budget related studies at the request of congress. Cbo s glossary is updated periodically principally to keep abreast of current laws.
93 344 which was signed into law by president richard nixon on july 12 1974. The congressional budget office is a bipartisan federal agency that analyzes the economy for the u s. The congressional budget office s work in 2019.
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