The Congressional Budget Office (CBO) was established by Congress in 1974 to assist the House and Senate Budget Committees analyze the yearly budget submitted by the President’s Office of Management and Budget (OMB). CBO employs about 230 people, primarily economists and public policy analysts.
CBO affects the economy by monitoring the President’s budget, thereby providing a bit of a safeguard on government spending. However, the result has still been a budget that continues to increase the national debt through deficit spending.
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