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Congressional Budget Office

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Congressional Budget Office
Director:Phillip Swagel
Year created:1975
Official website:Office website

TheCongressional 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] CBO directors are appointed jointly by the president pro tem of the Senate and speaker of the House for a four year term.[2]

History

Budget and Accounting Act of 1921The 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.

Congressional Budget and Impoundment Control Act of 1974The 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 theHouse andSenate budget committees and the Congressional Budget Office.[1]

Structure

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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 director as of 2024 wasPhillip Swagel.

Directors of the CBO Full History
CBO DirectorsYears in officePresident in office during appointment
Alice M. Rivlin1975-1983Gerald Ford
Rudolph G. Penner1983-1987Ronald Reagan
Robert D. Reischauer1989-1995George H.W. Bush
June E. O'Neill1995-1999Bill Clinton
Dan L. Crippen1999-2003Bill Clinton
Douglas Holtz-Eakin2003-2005George W. Bush
Peter R. Orszag2007-2008George W. Bush
Douglas Elmendorf2009-2015Barack Obama
Keith Hall2015-2019Barack Obama
Phillip SwagelAppointed in 2019Donald Trump

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 theBudget and Economic Outlook report produced in January and updated in August each year. TheBudget 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

This section links to a Google news search for the termCongressional + Budget + Office


See also

External links

Footnotes

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