Monday, August 26, 2019

Comparison of the Role and Powers of the OMB to the CBO Essay

Comparison of the Role and Powers of the OMB to the CBO - Essay Example The conclusions made by CBO are generally not challenged though many scrutinies are done. Therefore, the services of CBO can be categorized into four areas. Firstly is helping the congress formulate a budget plan. Secondly is to help the budget process stay in the plan. Thirdly is to help assess the impact of federal mandates. Finally contributes to consider issues related to economic policy and budget. The office is purely analytical and is not involved in bill writing, conduct audits, enforce budget rules, or implement regulations (Dewhirst & Rausch, 2007). The overlap of CBO and OMB Both OMB and CBO are involved in scoring legislation costs. This includes the appropriation and direct spending included in authorization bills. Budget committees have the responsibility for determining the scoring effects of legislation for enforcement by congress. However, the budget committees rely on CBO estimate during congressional consideration of individual bill so that consistency with the budget resolution is achieved. The President utilizes estimates of OMB to determine the cost of budget-related legislation. OMB explains the differences or reconciles the two sets of discretionary estimates. The difference between OMB and CBO The difference between OMB and CBO lies on their roles and powers. The CBO is a legislative agency that is involved in advising the congress on the general budget matters. The first and foremost agency that is accountable to congress specifically the Budget Committees.

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