Word: cbo
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Dates: during 1970-1979
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...CBO was set up as part of the new budgetary process under which Congress votes spending and deficit ceilings rather than passing appropriations bills in disorderly bits and pieces. Rivlin's job is to systematically analyze the probable effects of various choices on the economy. As she puts it, "Congress has always had a lot of power over the budget, but it was not organized to think 'Is that really what we want...
...this month, the CBO staff will produce budget estimates and an economic forecast for 1976. In the fall, using tallies and economic models prepared at Rivlin's behest by Chase Econometrics, Data Resources Inc. and the Wharton School, Congress will add up what it has actually appropriated in voting on separate bills and act to bring the total under the agreed-upon deficit ceiling...