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Undated: The Congressional
Budget Office (CBO) is a
federal agency within the
legislative branch of the
United States government that provides budget and economic information to
Congress.[1]
Inspired by California's
Legislative Analyst's Office that manages the state budget in a strictly
nonpartisan fashion, the CBO was created as a nonpartisan agency by the
Congressional Budget and Impoundment Control Act of 1974. It has earned the
reputation of a trusted, in-house quasi-think
tank for the Congress.
There is a consensus among economists that "the CBO has historically issued
credible forecasts of the effects of both Democratic and Republican legislative
proposals."[2]
https://en.wikipedia.org/wiki/Congressional_Budget_Office
-- 2017 --
June 2: White House budget chief Mick
Mulvaney on Friday apologized to a Congressional Budget Office (CBO) analyst,
saying his criticism of the group should have targeted the director.
“It is the Director who bears the ultimate responsibility for reports delivered
by the non-partisan organization,” Mulvaney, the head of the Office of
Management and Budget, said in a statement.
Mulvaney had come under fire from Democrats and several
former CBO directors after suggesting earlier in the week that the CBO’s top
health analyst, Holly Harvey, held political biases reflected in the group’s
reports ...
http://thehill.com/homenews/administration/336181-white-house-budget-chief-apologizes-to-cbo-analyst
June 14: The Trump administration detests
the Congressional Budget Office. Here’s why it’s important.
https://www.washingtonpost.com/news/monkey-cage/wp/2017/06/13/the-trump-administration-detests-the-congressional-budget-office-heres-why-its-important/?noredirect=on&utm_term=.ac15e26b5e3b
-- 2018 --
April 8: Trump Trillion-Dollar Budget
Deficits Officially Begin This Week
https://www.forbes.com/sites/stancollender/2018/04/08/trump-trillion-dollar-budget-deficits-officially-begin-this-week/#5d8645823365
April 9: Republican tax cuts to fuel
historic U.S. deficits
https://www.reuters.com/article/us-usa-fiscal-deficit/republican-tax-cuts-to-fuel-historic-u-s-deficits-cbo-idUSKBN1HG2RW
April 10: When the Congressional Budget
Office released its updated budget forecast, everyone focused on the deficit
number. But buried in the report was the CBO's tacit admission that it vastly
overestimated the cost of the Trump
tax cuts, because
it didn't account for the strong economic growth they would generate.
In a table buried in the appendix of the CBO report, it shows that, before
accounting for economic growth, the tax cuts Trump signed into law late last
year would cut federal revenues by $1.69 trillion from 2018-2027.
But it goes on to say that higher rate of GDP growth will produce $1.1 trillion
in new revenues. In other words, 65% of the tax cuts are paid for by extra
economic growth.
https://www.investors.com/politics/editorials/trump-tax-cuts-revenues-deficits-paying-for-themselves/
April 17: Top Trump economic adviser: ‘Never
believe the CBO’
https://thehill.com/homenews/administration/383546-top-trump-economic-adviser-never-believe-the-cbo
May 24:
An
Analysis of the President’s 2019 Budget
Over the next 10 years, the cumulative deficit under the President’s
proposals would be $3.0 trillion less than the $12.4 trillion in CBO’s baseline.
The deficit would average 3.7 percent of GDP, CBO estimates.
https://www.cbo.gov/publication/53884
May 24: Congressional Budget Office’s
Long-Term Deficit Forecast Dwarfs White House Estimate
Trump administration’s policies are projected to generate lower revenues over
the next decade after tax cut signed in December
https://www.wsj.com/articles/congressional-budget-offices-long-term-deficit-forecast-dwarfs-white-house-estimate-1527189631
May 24: Congressional Budget Office finds
higher deficits under Trump budget than administration projects
https://www.washingtonpost.com/news/business/wp/2018/05/24/congressional-budget-office-finds-higher-deficits-under-trump-budget-than-administration-projects/?utm_term=.3d63ed804dbb
-- 2019 --
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