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MIAMI A
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Simple English definitions for legal terms
Congressional Budget Office
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A quick definition of Congressional Budget Office:
The Congressional Budget Office (CBO) is a part of the government that helps predict how the economy will do in the future, figures out how much things will cost, and does special studies about money. They also make reports every year that talk about how much money the government is spending and where it's going. The CBO was made in 1974 by a law called the Congressional Budget Act.
A more thorough explanation:
The Congressional Budget Office (CBO) is an office in the legislative branch of the federal government. Its main responsibilities include:
- Forecasting economic trends
- Making cost estimates
- Conducting special studies in budget-related areas
- Issuing annual reports that discuss federal spending and revenue levels and the allocation of funds
The CBO was established by the Congressional Budget Act of 1974. Its purpose is to provide Congress with nonpartisan analysis and information to help them make informed decisions about the federal budget.
For example, if Congress is considering a new bill that would increase spending on healthcare, the CBO would estimate how much that bill would cost over the next 10 years. This information would help Congress decide whether or not to pass the bill.