Congressional Budget Office

From MarketsWiki
Jump to navigation Jump to search

The Congressional Budget Office assists the House and Senate Budget Committees, and Congress more generally, by preparing reports and analysis. CBO currently employs about 230 people, and is composed primarily of economists and public policy analysts. About 70% of its professional staff hold advanced degrees in economics or public policy.[1]

Under the Congressional Budget and Impoundment Control Act of 1974, the annual Congressional budget process begins with adopting a concurrent resolution on the budget that sets forth total levels of spending and revenues, and broad spending priorities, for several fiscal years. As a concurrent resolution, it is approved by the House and Senate but does not become law. No funds are spent or revenues raised under the budget resolution. It serves as an enforceable blueprint for Congressional action on spending and revenue legislation.

In late January of each year, CBO reports on the economic and budget outlook, including estimates of spending and revenue levels for the next 10 years under current law.


CBO was founded on July 12, 1974, with the enactment of the Congressional Budget and Impoundment Control Act. The agency began operating on Feb. 24, 1975, with the appointment of Alice M. Rivlin as the first director.

Doug Elmendorf is CBO’s current director. He was appointed on January 22, 2009, to complete the previous four-year term of office and later reappointed to serve through January 3, 2015. He succeeded Peter Orszag.


CBO provides up-to-date data on current budget and economic projections and information on the status of discretionary appropriations on its web site: Congressional Budget Officel


  1. About the Congressional Budget Office. Congressional Budget Office.