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Congressional Budget Office

Congressional Budget Office
Logo of the CBO
Agency overview
FormedJuly 12, 1974
HeadquartersFord House Office Building, 4th Floor
Second and D Streets, SW
Washington, D.C. 20515
Employees250
Annual budget$55.0 million
(FY 2020)
Agency executives
Websitewww.cbo.gov Edit this at Wikidata

The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides budget and economic information to Congress.[1] Inspired by California's Legislative Analyst's Office that manages the state budget in a strictly nonpartisan fashion, the CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974.[2]

Whereas politicians on both sides of the aisle have criticized the CBO when its estimates have been politically inconvenient,[3][4] economists and other academics overwhelmingly reject that the CBO is partisan or that it fails to produce credible forecasts.[4][5] There is a consensus among economists that "adjusting for legal restrictions on what the CBO can assume about future legislation and events, the CBO has historically issued credible forecasts of the effects of both Democratic and Republican legislative proposals."[5]

  1. ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 388. ISBN 0-13-063085-3.
  2. ^ Rocco, Philip (2021). "Keeping Score: The Congressional Budget Office and the Politics of Institutional Durability". Polity. 53 (4): 691–717. doi:10.1086/715779. ISSN 0032-3497. S2CID 237537709.
  3. ^ Cite error: The named reference :2 was invoked but never defined (see the help page).
  4. ^ a b Cite error: The named reference :0 was invoked but never defined (see the help page).
  5. ^ a b Cite error: The named reference :1 was invoked but never defined (see the help page).

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