Congressional Budget Office (CBO)

The organization within the legislative branch of the U.S. government that provides Congress with basic budget data and analysis of alternative fiscal and policy issues. CBO prepares an annual budget report to Congress that includes a discussion of alternative spending and revenue levels and allocations. CBO monitors the results of congressional action on individual authorizations and appropriations and provides five-year projections of the costs of continuing current policies on taxes and expenditures. See also Office of Management and Budget (OMB).