preview

Congressional Budget Office

Decent Essays

Government financial forecasts derive from both legislative and executive branches. The Office of Management and Budget and the Congressional Budget Office both play big roles in the development and implementation of the United States’ budgets. Their main program involve coordinating with several departments. The main objective of the Office of Management and Budget, also known as OMB, is to assist the President in carrying out his commitments and priorities for the executive branch. It aids many executive departments and agencies in implementing and carrying out the President's vision. The OMB does this through five critical areas of focus; budget development and execution. management, coordination and review of Federal regulations, legislative …show more content…

It does this in an array of ways at various points in the legislative process. They help the House of Representatives and the Senate Budget Committees and provide cost estimates for bills put into place.However, the Congressional Budget Office only provides information and does not make any recommendations with the information. The OMB and CBO have overlapping roles within the different branches of government. The OMB submits the President’s budget and then the CBO is in charge of reviewing and making corrections to the budget. Both offices rate the costs of legislation. Budget committees rely on the CBO estimates when considering individuals bills and ensuring they are consistent with the budget. The President relies on the OMB projections to evaluate costs of budget related legislation. Both offices have different powers as well.The OMB has the power to prepare the budget for the President and manage the budget. It must execute the President's vision and set policies about program funding. They must constantly balance both national debt and the vulnerability that comes along with it as well as stimulating the economy through spending which in turn creates …show more content…

It monitors the President’s budget and offers a sense of protection in regards to government spending. It brings an unbiased viewpoint to public debate. For example when President Obama implemented the Affordable Care Act the CBO provided information on how it affected the budget. The report said that the ACA would lower the budget deficit because the taxes and fees would offset the programs cost. The Office of Management and Budget and the Congressional Budget office have some overlapping roles and different powers within our government. They both play key roles in the Federal budget and how it impacts US citizens. They work together while also providing

Get Access