Presentation by Mark Hadley, CBO's Chief Operating Officer and General Counsel, for an annual seminar of the European Centre for Parliamentary Research and Documentation.
Presentation by Mark Hadley, CBO's Chief Operating Officer and General Counsel, at the 2nd NABO-OECD Annual Conference of Asian Parliamentary Budget Officials.
The Congressional Budget Act of 1974 requires CBO to prepare cost estimates for legislation at certain points in the legislative process. CBO is also required to provide the Congress with annual reports on projected spending, revenues, and deficits under current law. This presentation highlights how CBO uses information from other agencies to prepare those cost estimates and baseline projections.
Since 1975, CBO has produced independent analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence, without regard to political affiliation. The agency does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis.
CBO’s work follows processes specified in the Congressional Budget and Impoundment Control Act of 1974 (which established the agency) or developed by the agency in concert with the House and Senate Budget Committees and the Congressional leadership.
Presentation by Dorian Carloni, an analyst with CBO’s Tax Analysis Division, at Le Printemps de l’Évaluation at the French National Assembly.
Since 1975, CBO has produced nonpartisan budgetary and economic analyses that support the Congressional budget process. Taking a number of steps to ensure that all of its work is objective, impartial, and nonpartisan, CBO works hard to make its analysis transparent.
Publications go well beyond simply presenting results; instead, the agency explains the basis of its findings so that Members of Congress, their staff, and outside analysts can understand the results and question the methodologies used.
Presentation by Keith Hall, CBO Director, at the University of Virginia’s Batten School of Leadership and Public Policy.
Presentation by Mark Hadley, CBO's Chief Operating Officer and General Counsel, at the 2nd NABO-OECD Annual Conference of Asian Parliamentary Budget Officials.
The Congressional Budget Act of 1974 requires CBO to prepare cost estimates for legislation at certain points in the legislative process. CBO is also required to provide the Congress with annual reports on projected spending, revenues, and deficits under current law. This presentation highlights how CBO uses information from other agencies to prepare those cost estimates and baseline projections.
Since 1975, CBO has produced independent analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence, without regard to political affiliation. The agency does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis.
CBO’s work follows processes specified in the Congressional Budget and Impoundment Control Act of 1974 (which established the agency) or developed by the agency in concert with the House and Senate Budget Committees and the Congressional leadership.
Presentation by Dorian Carloni, an analyst with CBO’s Tax Analysis Division, at Le Printemps de l’Évaluation at the French National Assembly.
Since 1975, CBO has produced nonpartisan budgetary and economic analyses that support the Congressional budget process. Taking a number of steps to ensure that all of its work is objective, impartial, and nonpartisan, CBO works hard to make its analysis transparent.
Publications go well beyond simply presenting results; instead, the agency explains the basis of its findings so that Members of Congress, their staff, and outside analysts can understand the results and question the methodologies used.
Presentation by Keith Hall, CBO Director, at the University of Virginia’s Batten School of Leadership and Public Policy.
Presentation by Jeffrey Kling, an Associate Director for Economic Analysis at CBO, for the Commonwealth of Pennsylvania’s Independent Fiscal Office. (Canceled due to inclement weather.)
The transparency of CBO’s work has always been a priority, and this year the agency has added and shifted resources to redouble its efforts in that area. CBO has three goals in being transparent:
1. CBO aims to enhance the credibility of its work by showing how it relies on data, professional research, and expert feedback.
2. CBO seeks to promote a thorough understanding of its analyses by sharing information in an accessible, clear, and detailed manner.
3. CBO wants to help people gauge how its estimates might change if policies or circumstances were different.
Presentation by Lara Robillard, an analyst in CBO’s Budget Analysis Division, to the Leadership Fellowship Program at the National Hispanic Medical Association.
The Budget and Economic Outlook, a recurring publication of the Congressional Budget Office, provides economic and budget projections that incorporate the assumption that current laws governing federal spending and revenues generally remain in place. Those baseline projections cover the 10-year period used in the Congressional budget process. The report generally describes the differences between the current projections and previous ones; compares the economic forecast with those of other forecasters; and shows the budgetary impact of some alternative policy assumptions.
This presentation describes how the report is produced and how it can be used for budget and economic analyses, providing examples from CBO’s most recent projections.
Presentation by Lara Robillard, Principal Analyst, CBO’s Budget Analysis Division, to the Leadership Fellowship Program at the National Hispanic Medical Association.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. This presentation makes key points about CBO’s role and how its analyses—including the Budget and Economic Outlook and cost estimates for proposed legislation—relate to budget enforcement procedures.
Presentation by Megan Carroll, an analyst in CBO’s Budget Analysis Division, at the Budget Line of Business 2018 Spring Forum.
Presentation by Keith Hall, CBO Director, at a seminar organized by the Association for Integrity and Responsible Leadership in Economics and Associated Professions.
Since 1975, CBO has produced nonpartisan budgetary and economic analyses that support the Congressional budget process. CBO works hard to make its analyses objective, impartial, nonpartisan, and transparent.
Presentation by Molly Dahl, Chief of the Long-Term Analysis Unit in CBO’s Health, Retirement, and Long-Term Analysis Division, to the Federal Committee on Statistical Methodology and the Council of Professional Associations on Federal Statistics.
Presentation by Molly Dahl, Chief of CBO’s Long-Term Analysis Unit, at a meeting of the National Conference of State Legislatures’ Budget Working Group.
Presentation by Chapin White, CBO's Deputy Director of Health Analysis, to the Leadership Fellowship Program at the National Hispanic Medical Association.
The Budget and Economic Outlook is one of the flagship publications of the Congressional Budget Office. The report provides economic and federal budget projections that incorporate the assumption that current laws governing federal spending and revenues generally remain in place. Those baseline projections cover the 10-year period used in the Congressional budget process. The report generally describes the differences between the current projections and previous ones; compares the economic forecast with those of other forecasters; and shows the budgetary impact of some alternative policy assumptions. This presentation describes how the report is produced and how it can be used for economic analysis, providing examples from the April 2018 edition.
Presentation by Jeffrey F. Werling, Assistant Director of CBO’s Macroeconomic Analysis Division, to the National Association of Forensic Economics, at the Southern Economic Association Annual Meetings, November 18, 2018.
Presentation by Theresa Gullo, CBO's Director of Budget Analysis, to the Organisation for Economic Co-operation and Development's Committee of Senior Budget Officials.
Presentation by Megan Carroll, an analyst for CBO’s Budget Analysis Division, at the Department of Commerce Resource Management Conference.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. This presentation makes key points related to CBO’s cost estimates for proposed legislation and how they relate to budget enforcement procedures.
The transparency of CBO’s work has always been a priority, and this year the agency has added and shifted resources to redouble its efforts in that area. CBO has three goals in being transparent:
1. CBO seeks to promote a thorough understanding of its analyses by sharing information in an accessible, clear, and detailed manner.
2. CBO wants to help people gauge how its estimates might change if policies or circumstances were different.
3. CBO aims to enhance the credibility of its work by showing how it relies on data, professional research, and expert feedback.
Presentation by Mark Hadley, CBO’s Deputy Director, at the 11th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Financial Institutions.
A few times each year, CBO produces a baseline budget projection—a detailed projection of federal spending, revenues, and resulting deficits for the current year and the subsequent 10 years, reflecting an assumption that current laws generally remain unchanged. That baseline serves as a neutral benchmark for measuring the budgetary effects of proposed changes in federal revenues and mandatory spending. It is the basis for CBO’s cost estimates for proposed legislation, analyses of the President’s annual budget, volume of policy options that would reduce the deficit, and assessments of multiyear budget trends. It is often a starting point for development of Congressional budget resolutions.
This presentation describes those baseline projections and how they are formulated. It also summarizes CBO’s most recent projections.
Presentation by Theresa Gullo, Assistant Director for Budget Analysis, and John McClelland, Assistant Director for Tax Analysis, at a joint seminar by CBO and the Congressional Research Service for Congressional staff.
Presentation by Kathleen Burke, John McClelland, and Jennifer Shand, analysts in CBO’s Tax Analysis Division, to the National Association of Legislative Fiscal Offices.
CBO’s work follows processes specified in the Congressional Budget and Impoundment Control Act of 1974 (which established the agency) or developed by the agency in concert with the House and Senate Budget Committees and the Congressional leadership.
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence, without regard to political affiliation. The agency does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis.
Presentation by Keith Hall, CBO Director, at the 10th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Fiscal Institutions.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Presentation by Jeffrey Kling, an Associate Director for Economic Analysis at CBO, for the Commonwealth of Pennsylvania’s Independent Fiscal Office. (Canceled due to inclement weather.)
The transparency of CBO’s work has always been a priority, and this year the agency has added and shifted resources to redouble its efforts in that area. CBO has three goals in being transparent:
1. CBO aims to enhance the credibility of its work by showing how it relies on data, professional research, and expert feedback.
2. CBO seeks to promote a thorough understanding of its analyses by sharing information in an accessible, clear, and detailed manner.
3. CBO wants to help people gauge how its estimates might change if policies or circumstances were different.
Presentation by Lara Robillard, an analyst in CBO’s Budget Analysis Division, to the Leadership Fellowship Program at the National Hispanic Medical Association.
The Budget and Economic Outlook, a recurring publication of the Congressional Budget Office, provides economic and budget projections that incorporate the assumption that current laws governing federal spending and revenues generally remain in place. Those baseline projections cover the 10-year period used in the Congressional budget process. The report generally describes the differences between the current projections and previous ones; compares the economic forecast with those of other forecasters; and shows the budgetary impact of some alternative policy assumptions.
This presentation describes how the report is produced and how it can be used for budget and economic analyses, providing examples from CBO’s most recent projections.
Presentation by Lara Robillard, Principal Analyst, CBO’s Budget Analysis Division, to the Leadership Fellowship Program at the National Hispanic Medical Association.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. This presentation makes key points about CBO’s role and how its analyses—including the Budget and Economic Outlook and cost estimates for proposed legislation—relate to budget enforcement procedures.
Presentation by Megan Carroll, an analyst in CBO’s Budget Analysis Division, at the Budget Line of Business 2018 Spring Forum.
Presentation by Keith Hall, CBO Director, at a seminar organized by the Association for Integrity and Responsible Leadership in Economics and Associated Professions.
Since 1975, CBO has produced nonpartisan budgetary and economic analyses that support the Congressional budget process. CBO works hard to make its analyses objective, impartial, nonpartisan, and transparent.
Presentation by Molly Dahl, Chief of the Long-Term Analysis Unit in CBO’s Health, Retirement, and Long-Term Analysis Division, to the Federal Committee on Statistical Methodology and the Council of Professional Associations on Federal Statistics.
Presentation by Molly Dahl, Chief of CBO’s Long-Term Analysis Unit, at a meeting of the National Conference of State Legislatures’ Budget Working Group.
Presentation by Chapin White, CBO's Deputy Director of Health Analysis, to the Leadership Fellowship Program at the National Hispanic Medical Association.
The Budget and Economic Outlook is one of the flagship publications of the Congressional Budget Office. The report provides economic and federal budget projections that incorporate the assumption that current laws governing federal spending and revenues generally remain in place. Those baseline projections cover the 10-year period used in the Congressional budget process. The report generally describes the differences between the current projections and previous ones; compares the economic forecast with those of other forecasters; and shows the budgetary impact of some alternative policy assumptions. This presentation describes how the report is produced and how it can be used for economic analysis, providing examples from the April 2018 edition.
Presentation by Jeffrey F. Werling, Assistant Director of CBO’s Macroeconomic Analysis Division, to the National Association of Forensic Economics, at the Southern Economic Association Annual Meetings, November 18, 2018.
Presentation by Theresa Gullo, CBO's Director of Budget Analysis, to the Organisation for Economic Co-operation and Development's Committee of Senior Budget Officials.
Presentation by Megan Carroll, an analyst for CBO’s Budget Analysis Division, at the Department of Commerce Resource Management Conference.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. This presentation makes key points related to CBO’s cost estimates for proposed legislation and how they relate to budget enforcement procedures.
The transparency of CBO’s work has always been a priority, and this year the agency has added and shifted resources to redouble its efforts in that area. CBO has three goals in being transparent:
1. CBO seeks to promote a thorough understanding of its analyses by sharing information in an accessible, clear, and detailed manner.
2. CBO wants to help people gauge how its estimates might change if policies or circumstances were different.
3. CBO aims to enhance the credibility of its work by showing how it relies on data, professional research, and expert feedback.
Presentation by Mark Hadley, CBO’s Deputy Director, at the 11th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Financial Institutions.
A few times each year, CBO produces a baseline budget projection—a detailed projection of federal spending, revenues, and resulting deficits for the current year and the subsequent 10 years, reflecting an assumption that current laws generally remain unchanged. That baseline serves as a neutral benchmark for measuring the budgetary effects of proposed changes in federal revenues and mandatory spending. It is the basis for CBO’s cost estimates for proposed legislation, analyses of the President’s annual budget, volume of policy options that would reduce the deficit, and assessments of multiyear budget trends. It is often a starting point for development of Congressional budget resolutions.
This presentation describes those baseline projections and how they are formulated. It also summarizes CBO’s most recent projections.
Presentation by Theresa Gullo, Assistant Director for Budget Analysis, and John McClelland, Assistant Director for Tax Analysis, at a joint seminar by CBO and the Congressional Research Service for Congressional staff.
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CBO’s work follows processes specified in the Congressional Budget and Impoundment Control Act of 1974 (which established the agency) or developed by the agency in concert with the House and Senate Budget Committees and the Congressional leadership.
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence, without regard to political affiliation. The agency does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis.
Presentation by Keith Hall, CBO Director, at the 10th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Fiscal Institutions.
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How CBO Acquires Data, Evaluates Its Estimates, and Makes Its Work Transparent
1. Presentation for an Annual Seminar of the
European Centre for Parliamentary Research and Documentation
June 1, 2023
Mark Hadley
Chief Operating Officer and General Counsel
How CBO Acquires Data,
Evaluates Its Estimates, and
Makes Its Work Transparent
For information about the ECPRD, see https://tinyurl.com/y2h6urxd.
3. 2
The agency was created under the Congressional Budget and Impoundment Control Act of
1974 (often called the Budget Act), which also established the House and Senate Budget
Committees and instituted a formal Congressional budget process.
CBO’s chief responsibility under the Budget Act is to help the Budget Committees with matters
under their jurisdiction. The agency follows processes that are specified in statute or that it has
developed in concert with those committees and Congressional leadership.
The agency provides analysis of budgetary and economic issues that is
objective, nonpartisan, and timely. It does not make policy recommendations.
CBO’s work is available to the Congress and the public on the agency’s website, www.cbo.gov.
CBO Was Established to Give the Congress a Stronger Role in
Budget Matters
4. 3
Data source: Congressional Budget Office, The Budget and Economic Outlook: 2022 to 2032 (May 2022), www.cbo.gov/publication/57950. For historical data on the budget and the
economy, see www.cbo.gov/data/budget-economic-data.
CBO prepares and
periodically updates a 10-
year budget baseline that
serves as a benchmark
for measuring the effects
of proposed legislation.
The baseline reflects the
assumption that current
laws governing spending
and revenues generally
remain unchanged, and it
relies on CBO’s forecasts
of key economic factors.
CBO Provides Baseline Budget and Economic Projections
5. 4
For additional information about CBO’s cost estimates, see www.cbo.gov/cost-estimates.
CBO is required to produce a cost
estimate for nearly every bill
approved by a full Congressional
committee. The agency produces
600 to 800 cost estimates each year.
Those estimates include the impact
of federal mandates on state, local,
and tribal governments.
CBO also fulfills thousands of
requests for technical assistance as
lawmakers draft legislation.
Furthermore, CBO tracks
appropriation actions.
CBO Prepares Estimates of the Effects of Legislative Proposals
6. 5
Data sources: Congressional Budget Office, An Analysis of the President’s 2023 Budget (September 2022), www.cbo.gov/publication/58417; staff of the Joint Committee on Taxation.
CBO uses its own projections of
economic and technical factors to
determine the budgetary effects
of the President’s budget.
CBO compares its estimates of
the President’s budget to its
baseline and to the
Administration’s estimates.
Typically, CBO publishes its
analysis within four to five weeks
of the release of the President’s
budget and provides detailed
projections to the Budget and
Appropriations Committees.
CBO Analyzes the President’s Budget Each Year
8. 7
▪ Publicly available information is generally easy to access and is usually
well-documented.
▪ Other information is acquired upon request through informal cooperation
with federal agencies.
▪ CBO's analysts sometimes use information obtained through formal
agreements with federal agencies.
To Fulfill Its Mission, CBO Accesses a Wide Array of Data
From Federal Agencies
9. 8
For more information, see Congressional Budget Office, The Congressional Budget Office’s Access to Data From Federal Agencies (June 2021), www.cbo.gov/publication/57150.
General authority derives from:
▪ The Budget Act, section 201(d);
▪ The Federal Credit Reform Act of 1990; and
▪ Requirements of the annual budget process.
Specific authority derives from:
▪ The Internal Revenue Code (for using tax information for long-term models of Social
Security and Medicare programs);
▪ The Emergency Economic Stabilization Act of 2008, section 201 (for information related to
the Troubled Asset Relief Program); and
▪ The Social Security Act, sections 1927 and 1150 (for information about certain drug
prices, rebates, and discounts).
Other authority derives from CBO’s collaboration with the Joint Committee on Taxation and
other federal agencies.
Three Different Types of Legal Authority Help CBO Obtain
Information From Federal Agencies
10. 9
When arranging to use restricted-access data, CBO generally aims for:
▪ Continual and long-running access;
▪ Secure access from CBO’s offices (or from home, in the work-from-home
environment); and
▪ Clear and well-understood processes that are similar among agencies.
Restricted-Access Data Are Critical to Some Key Models Used in
Producing CBO’s Estimates
12. 11
CBO relies on the best available:
▪ Data,
▪ Research,
▪ Experts, and
▪ Understanding of current and proposed law.
The agency revisits its baseline estimates every year and adjusts them to reflect
new information.
Evaluating Evidence and Revisiting Estimates Is an
Ongoing Process
13. 12
Data source: Congressional Budget Office, An Evaluation of CBO’s Projections of Outlays From 1984 to 2021 (April 2023), www.cbo.gov/publication/58613.
Examples:
▪ The Accuracy of CBO’s Budget
Projections for Fiscal Year 2022
(annual report)
▪ An Evaluation of CBO’s Projections
of Outlays From 1984 to 2021
(periodic report)
▪ An Evaluation of CBO’s Past
Revenue Projections
(periodic report)
▪ An Evaluation of CBO’s Past Deficit
and Debt Projections
(periodic report)
CBO Frequently Reports on the Accuracy of Its Budget Projections
14. 13
Data sources: Congressional Budget Office, An Evaluation of CBO’s Projections of Outlays From 1984 to 2021 (April 2023), www.cbo.gov/publication/58613; Office of Management
and Budget.
CBO Compares Its Budget Projections With Those of
the Administration
CBO evaluates the
quality of its budget
projections over various
time horizons.
The Administration,
however, does not
publish data about the
accuracy of its projections
beyond the budget year
(typically the fiscal year
beginning several months
after the projections were
made).
15. 14
Data sources: Congressional Budget Office, CBO’s Economic Forecasting Record: 2021 Update (December 2021), www.cbo.gov/publication/57579; Office of Management and Budget;
Wolters Kluwer, Blue Chip Economic Indicators; Bureau of Economic Analysis; Bureau of Labor Statistics; Federal Reserve. SNAP = Supplemental Nutrition Assistance Program.
Economic Forecast:
▪ CBO’s Economic Forecasting Record:
2021 Update (periodic report)
Specific Programs:
▪ CBO’s Projections of Federal Health
Care Spending
▪ A Review of CBO’s Estimate of the
Effects of the Recovery Act on SNAP
▪ A Review of CBO’s Estimate of
Spending From the Department of
Defense’s Medicare-Eligible Retiree
Health Care Fund
CBO Assesses Its Economic Forecasts and Its Projections
for Specific Programs
16. 15
That is because:
▪ Sometimes the proposed legislation was not enacted,
▪ The enacted version of the legislation was significantly different, or
▪ Spending for a legislative initiative was rolled into other spending.
Moreover,
▪ It is often unclear what spending would have been if no law was enacted, and
▪ Agencies determine the regulations and rules for implementing legislation that is
enacted.
Assessing the Accuracy of Cost Estimates Can Be Challenging
18. 17
For more details about CBO’s efforts to make its work transparent, see www.cbo.gov/about/transparency.
▪ Testifying and publishing answers to
questions
▪ Explaining analytic methods
▪ Releasing data
▪ Analyzing the accuracy of its estimates
▪ Comparing current estimates with previous
estimates
▪ Comparing its estimates with those of other
organizations
▪ Estimating the effects of policy alternatives
▪ Characterizing uncertainty of estimates
▪ Creating data visualizations
▪ Conducting outreach
CBO Makes Its Work Transparent in Different Ways
19. 18
Data source: Congressional Budget Office, “How Increasing the Federal Minimum Wage Could Affect Employment and Family Income” (interactive tool, updated August 18, 2022),
www.cbo.gov/publication/55681.
All of CBO’s reports and cost
estimates are shared widely and
made available on the agency’s
website.
CBO publishes interactive graphics,
including graphics accompanying
reports that make key takeaways
more easily accessible.
CBO produces versions of its reports
that are tailored for reading on
mobile devices and web browsers.
CBO’s Products Are Accessible