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Roles of CBO, OMB & CEA

The government has three agencies that forecast the impact of legislation and information so the administration and Congress can make policy. According to the websites of Congressional Budget Office (CBO), the Office of Management and Budget (OMB) and the Council of Economic Advisors (CEA) individually what are the following answers for each organization?

1) What do they do?
2) What is their mission statement?
3)Who do they advise?

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The government has three agencies that forecast the impact of legislation and information so the administration and Congress can make policy. According to the websites of Congressional Budget Office (CBO), the Office of Management and Budget (OMB) and the Council of Economic Advisors (CEA) individually what are the following answers for each organization?

1) What do they do?

2) What is their mission statement?

3)Who do they advise?

Congressional Budget Office (CBO):

http://www.cbo.gov/

1) What do they do?

Some of CBO's activities are statutory tasks; others are carried out at the request of Congressional committees.
It prepares independent analyses and estimates relating to the budget and the economy and presents options and alternatives for the Congress to consider. It prepares various types of analyses for the Congress, including cost estimates for bills that individual Members have introduced or plan to introduce.

It helps the Congress to develop a plan for the Budget . A major part of CBO's role in this process is to prepare an annual report that provides economic and budget projections for the next 10 years.

It prepares budget projections the purpose of which is to give the Congress a baseline for measuring the effects of proposed changes in tax and spending laws.
CBO's mandate includes making economic forecasts and projections. Its forecasts cover 18 to 24 months and involve the major economic variables--gross domestic product (GDP), unemployment, inflation, and interest rates.
It prepares budget projections the purpose of which is to give the Congress a baseline for measuring the effects of proposed changes in ...

Solution Summary

Roles of Congressional Budget Office, Office of Management and Budget, and Council of Economic Advisors are discussed.

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