Congressional Budget Office (CBO) (Federal Agency Profiles)
PARENT ORGANIZATION: Congress
ESTABLISHED: February 24, 1975
ADDRESS: Ford House Office Bldg.
Second and D St. SW
Washington, DC 20515
PHONE: (202) 226-2600
FAX: (202) 226-2714
DIRECTOR: June E. O'Neill
DEPUTY DIRECTOR: James L. Blum
WHAT IS ITS MISSION?
The Congressional Budget Office (CBO) is a support agency charged with helping Congress to fulfill its role in the federal budgeting process. The mission of the CBO is to provide Congress with reports, estimates, and analyses that the legislature needs to make economic and budget decisions. The CBO's reputation for professionalism rests on the fact that these reports and analyses are objective and nonpartisan. The CBO does not make recommendations on economic or fiscal policy.
HOW IS IT STRUCTURED?
As an agency in direct support of the Congress, the CBO is led by a director who is selected jointly by the Speaker of the House of Representatives and the president pro tempore of the Senate. The director is usually chosen from a list of candidates supplied by...
(The entire section is 3096 words.)
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Congressional Budget Office (West's Encyclopedia of American Law)
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. The CBO enables Congress to have an overview of the federal budget and to make overall decisions regarding spending, taxation levels, and any federal deficit or surplus. Congress is thus provided with a mechanism through which it can weigh the priorities for national resource allocation and explicitly address issues of fiscal policy.
The Congressional Budget Office provides Congress with basic budget data and with analyses of alternative fiscal, budgetary, and programmatic policy issues. The agency employs more than 200 full-time employees. Seventy percent of these employees hold advanced degrees in economics or public policy. CBO also retains a panel of economic advisors, including a number of scholars from top universities in the United States. It has specific responsibility for the following:
Economic Forecasting and Fiscal Policy Analysis
The federal budget both affects and is affected by the national economy. Congress considers the federal budget in the context of the current and projected state of the national economy....
(The entire section is 454 words.)