Economic Definition of Congressional Budget Office. Defined.
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Term Congressional Budget Office Definition: A Congressional agency that provides Congress with information needed for various economic and budget decisions. Established in 1974, the Congressional Budget Office (CBO) is responsible for providing Congress with objective, timely, nonpartisan analyses used for economic and budget decisions. A key task is to generate information and estimates required for the Congressional budget process. The Presidential counterpart of the CBO is the Office of Management and Budget (OMB). And unlike the OMB, every attempt is made to ensure that the CBO is nonpartisan and objective. It does not recommend policies, but only presents alternatives.