What is the full form of CBO?
- on Jun 20, 2022
CBO stands for Congressional Budget Office.
|Full Form||Congressional Budget Office|
|Category||Governmental » Departments & Agencies|
What is CBO?
The Congressional Budget Office (CBO) is a nonpartisan agency in the United States Congress that provides budgetary, economic, and statistical information to Congress. The CBO was founded in 1975 as the Office of Policy Analysis within the Congressional Research Service. It became an independent agency in 1985.
The CBO’s mission is “to provide objective analysis and impartial recommendations to help improve the performance of the federal government by providing timely information on costs and benefits of proposed legislation and administrative actions.” This mission is carried out through three main activities: producing budget estimates, issuing reports on economic and statistical issues, and providing advice to Congress on fiscal matters.
The CBO’s budget estimates play an important role in informing the decision-making process in Washington. They are used by both the executive and legislative branches to help decide which programs to fund and which ones to cut. In addition, budget estimates are used by private sector analysts to make decisions about how much money to invest.