CBO’s pilot podcast series looks at the inner workings of CBO and its role in the legislative budget process. In this episode, the function and value of cost estimates are discussed.
The Congressional Budget Act of 1974 established the House and Senate Committees on the Budget to set federal spending policy and identify priorities for allocating budgetary resources. To support those committees in carrying out their responsibilities, the act established CBO and required the agency to prepare cost estimates for legislation at certain points in the legislative process.
In the first episode of CBO’s three-part pilot podcast series, Adam Russell and Theresa Gullo discuss the types of estimates provided to the Congress, the level of analysis, the rules and procedures in place that determine how estimates are produced, and uncertainty in CBO’s estimates.
