This glossary defines various budgetary and economic terms that are commonly used in reports produced by CBO. Many of CBO’s entries conform to those published in A Glossary of Terms Used in the Federal Budget Process, which was issued by the Government Accountability Office (GAO) in 2005.
CBO’s glossary is updated periodically, principally to keep abreast of current laws. Although the entries attempt to ensure technical precision, they also aim for brevity and clarity. Where appropriate, the entries note the sources of data for economic variables as follows:
Board of Governors of the Federal Reserve System (FRB),
Bureau of Economic Analysis in the Department of Commerce (BEA),
Bureau of Labor Statistics in the Department of Labor (BLS), and
National Bureau of Economic Research (NBER, a private entity).