| Agency overview | |
|---|---|
| Employees | 250 |
| Annual budget | $55.0 million (FY 2020) |
| Agency executives | Phillip Swagel, Director Mark Hadley, Deputy Director |
| Website | www.cbo.gov |
Who makes up the Congressional Budget Office (CBO)?
Phillip Swagel, Director Mark Hadley, Deputy Director. Website. www.cbo.gov. Likewise, what CBO means? CBO may stand for: Chief brand officer, an executive-level position. Chief business officer, the top operating strategy executive of a commercial company, or academic/research institution.
What is CBO’s work?
Nov 10, 2021 · What is the CBO in government? The Congressional Budget Office (CBO) provides the Congress with objective, nonpartisan, and timely information, analyses, and estimates related to federal economic and budgetary decisions. Who is head of the Congressional Budget Office? CBO Director Phillip Swagel | Congressional Budget Office. What is considered CBO?
Who is CBO’s director of financial analysis?
Phillip Swagel became the 10th Director of the Congressional Budget Office on June 3, 2019. What does the budget office do? The Congressional Budget Office (CBO) provides the Congress with objective, nonpartisan, and timely information, analyses, and estimates related to federal economic and budgetary decisions.
Who is CBO chief economist Mark Doms?
Feb 12, 2021 · CBO is allegedly nonpartisan, but its brand of economic analysis is deeply conservative. Its director is a Republican, Phil Swagel. He was formerly assistant Treasury secretary for policy under Hank Paulson in the George W. Bush administration.
Who is in charge of the CBO?
Senior AdviserDirectorPhillip L. SwagelDirector of Legislative AffairsLeigh AngresChief EconomistMark DomsChief Operating Officer and General CounselMark HadleyResearch DirectorJeffrey Kling17 more rows
What is the CBO in Congress?
The Congressional Budget Office (CBO) provides the Congress with objective, nonpartisan, and timely information, analyses, and estimates related to federal economic and budgetary decisions.
Who appoints members of the CBO?
CBO has about 235 full-time employees. The Director is appointed by the Speaker of the House and the President Pro Tempore of the Senate. The Director appoints all CBO staff on the basis solely of professional competence, not political affiliation.Jun 28, 2018
Who appointed Phillip Swagel?
After Bush appointed Henry Paulson as Secretary of the Treasury in 2006, Paulson recruited Swagel to join his staff at the Department of the Treasury.
Where is the CBO located?
The Congressional Budget Office is located at the Ford House Office Building, Fourth Floor, Second and D Streets, SW, Washington, DC 20515-6925.
Why was the CBO created?
Lawmakers created the Congressional Budget Office to give the Congress a stronger role in budget matters. CBO was established under the Congressional Budget Act of 1974 to provide objective, nonpartisan information that would support the budget process.Jan 4, 2021
Is CBO political?
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence without regard to political affiliation. CBO does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis.
Is the Congressional Budget Office independent?
The Congressional Budget Office produces independent, nonpartisan, analysis of economic and budgetary issues to support the Congressional budget process.
What is the CBO?
www .cbo .gov. 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. Inspired by California's Legislative Analyst's Office that manages the state budget in a strictly nonpartisan fashion, ...
Why was the CBO created?
The CBO was created "within the legislative branch to bolster Congress’s budgetary understanding and ability to act.
How long is the term of a CBO director?
The term of office is four years, with no limit on the number of terms a director may serve.
What is the Congressional Budget Office?
The Congressional Budget Office is nonpartisan, and produces "independent analyses of budgetary and economic issues to support the Congressional budget process." Each year, the agency releases reports and cost estimates for proposed legislation, without issuing any policy recommendations.
What is the purpose of Section 202 E?
Section 202 (e) of the Budget Act requires the CBO to submit periodic reports about fiscal policy to the House and Senate budget committees to provide baseline projections of the federal budget. This is currently done by preparation of an annual Economic and Budget Outlook plus a mid-year update.
Is the CBO a nonpartisan agency?
The agency has "a nonpartisan staff culture".
Budget Analysis Division
- The Budget Analysis Division produces baseline projections of federal spending, formal cost estimatesfor nearly every bill approved by Congressional committees, and informal cost estimates for thousands of proposals that committees are considering. The formal cost estimat…
Financial Analysis Division
- The policy analyses of the Financial Analysis Division focus on the financial commitments of the federal government, including federal credit and insurance programs and government-sponsored enterprises. The division also provides support throughout CBO for financial valuation and modeling and for projections of financial variables.
Health Analysis Division
- The Health Analysis Division analyzes a range of federal programs and policies that include Medicare, Medicaid, and subsidies provided through health insurance exchanges. The division produces reports on a range of policy issues and plays a key role in certain estimates of proposed changes in health care programs.
Labor, Income Security, and Long-Term Analysis Division
- The Labor, Income Security, and Long-Term Analysis Division analyzes a range of federal programs and policies that include Social Security and programs related to education and income security. The division is also responsible for CBO’s long-term budget projectionsand collaborates on analyses of the long-term effects of proposed legislation.
Macroeconomic Analysis Division
- The Macroeconomic Analysis Division analyzes the U.S. economy and its prospects. The division produces CBO’s economic projections, which underlie the agency’s budget projections. The division also studies various macroeconomic factors and relationships, such as changes in labor force participation, trends in productivity growth, and the roles of inflation and interest rates in t…
Management, Business, and Information Services Division
- The Management, Business, and Information Services Division provides administrative and support services for CBO. The division’s responsibilities include the agency’s human resources activities, financial management responsibilities, information and technology resources, library services, and facilities. Additionally, the division is responsible for editing and producing CBO’s p…
Microeconomic Studies Division
- The Microeconomic Studies Division analyzes a broad range of programs and policies with significant implications for the federal budget and the economy. They include federal policies related to energy and natural resources, climate and the environment, and federal investments in physical infrastructure, such as highways.
National Security Division
- The National Security Division analyzes policy issues related to the defense budget, veterans’ affairs, and homeland security. The division examines the long-term costs of the Defense Department’s plans, alternative ways of achieving certain military capabilities, and the benefits and drawbacks of possible changes in military compensation and veterans’ benefits.
Tax Analysis Division
- The Tax Analysis Division projects future federal revenues (from individual income taxes, payroll taxes, corporate income taxes, and other sources), using economic models and microsimulation techniques. The division also analyzes the distribution of federal taxes and spending, and it examines how possible changes in tax lawwould affect the behavior of taxpayers and the overal…
Overview
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. 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.
History
The Congressional Budget Office was created by Title II of the Congressional Budget and Impoundment Control Act of 1974 (Pub. L. 93-344), which was signed into law by President Richard Nixon on July 12, 1974. Official operations began on February 24, 1975, with Alice Rivlin as director.
The CBO's creation stems from a fight between President Richard Nixon and a Democratic-contr…
Mission
The Congressional Budget Office is nonpartisan, and produces "independent analyses of budgetary and economic issues to support the Congressional budget process." Each year, the agency releases reports and cost estimates for proposed legislation, without issuing any policy recommendations.
With respect to estimating spending for Congress, the Congressional Budget …
Operations
Section 202(e) of the Budget Act requires the CBO to submit periodic reports about fiscal policy to the House and Senate budget committees to provide baseline projections of the federal budget. This is currently done by preparation of an annual Economic and Budget Outlook plus a mid-year update. The agency also each year issues An Analysis of the President's Budgetary Proposals for the upcoming fiscal year per a standing request of the Senate Committee on Appropriations. The…
Divisions
The Congressional Budget Office is divided into nine divisions.
• Budget Analysis
• Financial Analysis
• Health Analysis
• Labor, Income Security, and Long-Term Analysis
Director
The Speaker of the House of Representatives and the President pro tempore of the Senatejointly appoint the CBO Director after considering recommendations from the two budget committees. The term of office is four years, with no limit on the number of terms a director may serve. Either house of Congress, however, may remove the director by resolution. At the expiration of a term of office, the person serving as Director may continue in the position until his or her successor is a…
Reception
Whereas politicians on both sides of the aisle have criticized the CBO when its estimates have been politically inconvenient, economists and other academics overwhelmingly reject that the CBO is partisan or that it fails to produce credible forecasts.
A March 2017 survey of leading economists shows a consensus behind the notion that "adjusting for legal restrictions on what the CBO can assume about future legislation and events, the CBO …
See also
• United States Congress
• United States federal budget
• Office of Management and Budget
• Compare: