Congressional Budget Office

  

Definition

Federal agency responsible for composing and reporting data related to the federal budget for members of Congress. The goal of the agency is to provide Congress with accurate and timely information, which can be used to assist them in making educated decisions regarding monetary policies and taxation. The agency was established as a nonpartisan entity, so the political party in charge should have no control over the findings or suggestions it makes. The documents that CBO publishes fall into two main categories: cost estimates and mandate statements. CBO was founded on July 12, 1974, with the enactment of the Congressional Budget and Impoundment Control Act.

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