Comparing The Office Of Management And The Congressional Budget Office

There are two main rival groups responsible for helping both the president of the United States, and members of congress for coming up with and developing budgetary plans. Those two groups are The Office of Management and Budget and The Congressional Budget Office. These two offices are little known by the general public, but have a huge impact on everyday life of American citizens.
The office of Management and Budget has been around for many years under a few different names. The office was created when congress passed the Budget and Accounting Act of 1921. It was originally a part of the Department of the Treasury before President Roosevelt moved the office under the control of the Executive Office of the President in 1939. It was originally called the Bureau of Budget and had its name changed to the Office of Management and Budget when it was reorganized in 1970 by President Nixon …show more content…
The Congressional Budget Office was created in 1974 with the Congressional Budget and Impoundment Control Act as an attempt to increase congress’s power over the over the budget. The Congressional Budget office was created, perhaps a bit ironically to counter the Office of Management and Budget, an organization that congress had itself created. Before the Congressional Budget office was created, congress had to rely on the executive branch for financial information and had no way of organizing and setting budget goals for itself. Today, the Congressional Budget Office has over 220 employees with a budget of over 45 million dollars. The Congressional Budget Office provides a counter point to the budget and evaluations of the Office of Management and Budget. Similar to how the Office of Management and Budget advices the President on policy decisions, the Congressional Budget Office advises congress on the cost of bills and forecasts for the economy as well as its own cost estimates