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Congressional Budget Office The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government. It is a government agency that provides economic data to Congress. The CBO was created as an independent nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974.
With respect to estimating spending for Congress, the Congressional Budget Office serves a purpose parallel to that of the Joint Committee on Taxation for estimating revenue for Congress, the Department of the Treasury for estimating revenues for the Executive and estimates required for the Congressional budget process. This includes projections on the effect on national debt.
Section 202(e) of the Act requires submission by CBO to the House and Senate Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. This is currently done by preparation of an annual Economic and Budget Outlook plus a mid-year update. The agency also each year issues An Analysis of the President’s Budgetary Proposals for the upcoming fiscal year per a standing request of the Senate Committee on Appropriations. These three series are designated essential titles distributed to Federal Depository Libraries and are available for purchase from the Government Printing Office. CBO also prepares reports and issue briefs and provides testimony often in response to requests of the various Congressional Committees. It also issues letters responding to queries made to it by members of Congress.
The Speaker of the House of Representatives and the President pro tempore of the Senate jointly appoint the CBO Director, after considering recommendations from the two budget committees. The term of office is four years, with no limit on the number of terms a Director may serve. Either House of Congress, however, may remove the Director by resolution. At the expiration of a term of office, the person serving as Director may continue in the position until his or her successor is appointed. (Wikipedia Jan 2010)
US Politics
By John Schroy, on March 24th, 2010 | 
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act. No one knows the full economic impact of this law. Never has legislation of such complexity and importance been passed by Congress and signed by the President on a purely partisan vote, against the wishes of the majority of the American people. The outlook for inflation has changed suddenly from a high level of probability to undetermined — uncertainty as to disbursement timing, combined with the outcome of elections in 2010 and 2012, provides possible scenarios under which things could get radically worse, or better.
US Politics
By John Schroy, on April 27th, 2009 | 
The Crash of 2008 put Barack Obama in the Oval Office and was the culmination of two secular financial trends: a growing US trade deficit that was the root of easy financing for credit cards and mortgages, and the stock buyback movement that manipulated the equity market and that, in recent years, had become dependent upon easy credit rather than corporate profits.
Americans now have an untested, inexperienced leader, with strange radical friends and a leftist deficit spending agenda. Obama must govern 300 million people in a serious economic crisis that he has the power to exacerbate.
In Obama’s first hundred days, the case of the Lincoln Bible, the Stimulus Bill, staffing problems, and the Maersk Alabama incident, hinted of difficult days to come for the United States.
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