We use cookies to improve security, personalize the user experience,
enhance our marketing activities (including cooperating with our marketing partners) and for other
business use.
Click "here" to read our Cookie Policy.
By clicking "Accept" you agree to the use of cookies. Read less
Congressional Budget Office [CBO]: Key Insights into Its Legal Definition and Function
Definition & Meaning
The Congressional Budget Office (CBO) is a nonpartisan agency within the United States Congress. Its primary role is to provide budgetary and economic analysis to assist Congress in making informed decisions regarding federal spending and revenue. Established by the Congressional Budget and Impoundment Control Act of 1974, the CBO evaluates the potential fiscal impacts of proposed legislation and helps ensure that budgetary processes are transparent and accountable.
Table of content
Legal Use & context
The CBO plays a critical role in the legislative process by analyzing the budgetary implications of proposed laws. This analysis is essential in various legal contexts, including:
Federal budget planning
Economic forecasting
Evaluating the financial effects of proposed legislation
Users may find CBO reports helpful when navigating budget-related legal issues or when preparing legal documents that require an understanding of federal budgetary impacts. Access to CBO data can support informed decision-making in legal practice.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
One example of the CBO's work is its analysis of the Affordable Care Act, where it provided estimates on the cost implications and potential savings of the legislation. This information was crucial for lawmakers in understanding the financial impact of the law before its passage.
(hypothetical example) A senator proposes a new infrastructure bill. The CBO would analyze the bill's projected costs and funding sources, helping Congress assess its viability and impact on the federal budget.
Relevant laws & statutes
The CBO was established under the Congressional Budget and Impoundment Control Act of 1974. This act set the framework for federal budget processes and the role of the CBO in analyzing budgetary proposals.
Common misunderstandings
What to do if this term applies to you
If you are involved in legislative processes or need to understand the budgetary implications of a proposed law, consider reviewing CBO reports. These documents can provide valuable insights into federal budget issues. For individuals or organizations looking to draft legislation or budget proposals, US Legal Forms offers templates that can assist in creating compliant documents. If the situation is complex, seeking advice from a legal professional may be necessary.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.