Congressional Budget Office

The Congressional Budget Office is an administration which is designed to provide Congress with important information concerning economic decisions. The Congressional Budget Office was created in 1974, as part of the Congressional Budget and Impoundment Control Act of 1974. The Congressional Budget Office essentially facilitates the creation of the federal budget by performing the necessary projections of how much money the federal government is likely to have for the budget.

Furthermore, the Congressional Budget Office is responsible for calculating the overall national debt, as well as calculating any effect that decisions concerning the budget might have on national debt. The Congressional Budget Office director is appointed by Congress, and he or she remains in the office for four years before the office is reappointed.

The Congressional Budget Office is specifically separate from the Office of Management and Budget, which is a Cabinet office within the executive branch of the government. The Congressional Budget Office is, as the name would suggest, associated with Congress and thus the legislative branch of government.

The Office of Management and Budget is considered the largest office within the entirety of the Executive Office of the President of the United States, which is significant as the Executive Office contains many other important offices. The Office of Management and Budget performs much the same functions as the Congressional Budget Office, but does so on behalf of the President, in order to assist with any decisions to be made about the budget.

NEXT: What Is The Intelligence Advisory Board