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CBO’s Service to the Congress

Presentation by Mark Hadley, CBO's Deputy Director, at the University of Wisconsin–Madison’s Tommy G. Thompson Center on Public Leadership.

CBO’s Service to the Congress

  1. 1. Congressional Budget Office CBO’s Service to the Congress Presentation at the Tommy G. Thompson Center on Public Leadership, University of Wisconsin–Madison November 17, 2017 Mark Hadley Deputy Director
  2. 2. 1CONGRESSIONAL BUDGET OFFICE Long-Term Budget Outlook
  3. 3. 2CONGRESSIONAL BUDGET OFFICE If current laws governing taxes and spending did not change, the condition of the federal budget would worsen considerably over the next three decades.
  4. 4. 3CONGRESSIONAL BUDGET OFFICE Federal Spending and Revenues Percentage of Gross Domestic Product Actual Projected
  5. 5. 4CONGRESSIONAL BUDGET OFFICE As a result, debt would grow larger in relation to the economy than ever recorded in U.S. history.
  6. 6. 5CONGRESSIONAL BUDGET OFFICE Federal Debt Held by the Public Percentage of Gross Domestic Product
  7. 7. 6CONGRESSIONAL BUDGET OFFICE The Congressional Budget Act of 1974
  8. 8. 7CONGRESSIONAL BUDGET OFFICE The act created a formal process through which the Congress could develop, coordinate, and enforce its budgetary priorities. As part of that process, the act created the House and Senate Budget Committees and the Congressional Budget Office.
  9. 9. 8CONGRESSIONAL BUDGET OFFICE The House and Senate Budget Committees oversee the budget process, draft an annual budget plan, and monitor action on the budget. CBO provides the budget committees and the Congress with objective, impartial information about budgetary and economic issues.
  10. 10. 9CONGRESSIONAL BUDGET OFFICE CBO’s Products
  11. 11. 10CONGRESSIONAL BUDGET OFFICE CBO provides  Baseline budget projections and economic forecasts covering the 10-year period used in the Congressional budget process  Long-term budget projections  Cost estimates for legislation, including analyses of federal mandates  Scorekeeping for enacted legislation
  12. 12. 11CONGRESSIONAL BUDGET OFFICE And CBO also produces  Analysis of the President’s budget (including economic effects and their budgetary feedback)  Analytic reports about federal programs, aspects of the tax code, and budgetary and economic issues
  13. 13. 12CONGRESSIONAL BUDGET OFFICE CBO’s Nonpartisanship
  14. 14. 13CONGRESSIONAL BUDGET OFFICE CBO’s Director is appointed jointly by the Speaker of the House and President Pro Tempore of the Senate to a four-year term. CBO has 235 employees—hired solely on the basis of professional competence, without regard to political affiliation. Most have advanced degrees.
  15. 15. 14CONGRESSIONAL BUDGET OFFICE CBO does not  Make policy recommendations  Write legislation  Implement programs or regulations  Enforce budget rules  Evaluate the historical effectiveness of government programs
  16. 16. 15CONGRESSIONAL BUDGET OFFICE How CBO Develops Evidence
  17. 17. 16CONGRESSIONAL BUDGET OFFICE Broadly speaking, CBO projects future outcomes using evidence from the past. Those projections incorporate  Analysis by economists and budget analysts  Research literature and other written analysis  Data  Economic models  Expert review
  18. 18. 17CONGRESSIONAL BUDGET OFFICE CBO’s Transparency
  19. 19. 18CONGRESSIONAL BUDGET OFFICE A Panel of Economic Advisers improves CBO’s understanding of economic research, macroeconomic developments, and economic policy. A Panel of Health Advisers improves CBO’s understanding of health research and of developments in health care delivery and financing.
  20. 20. 19CONGRESSIONAL BUDGET OFFICE Members of CBO’s panels of advisers  Are widely recognized experts on a range of issues  Have a variety of backgrounds, areas of knowledge, and experience  Join periodic meetings at CBO and provide their views between meetings via email and telephone
  21. 21. 20CONGRESSIONAL BUDGET OFFICE CBO aims to make its analysis transparent in many ways, including  Explaining the basis of and the revisions to its major economic and budget projections  Describing the uncertainty of its projections and quantifying that uncertainty when appropriate  Evaluating the projections  CBO’s Revenue Forecasting Record  CBO’s Economic Forecasting Record: 2017 Update

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  • MichaelBattsJr

    Nov. 17, 2017
  • gonzalojgiannotti

    Oct. 25, 2019

Presentation by Mark Hadley, CBO's Deputy Director, at the University of Wisconsin–Madison’s Tommy G. Thompson Center on Public Leadership.

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