According to the congressional budget office, the federal government operated at a $587 billion deficit in 2016.
WHY DO WE NEED THE Congressional Budget Office?
The Congressional Budget Office (CBO) is a federal organization that reports on the economy and the budget to Congress. It is a part of the legislative branch of the US government.
The Congressional Budget and Impoundment Control Act of 1974 established the CBO as a nonpartisan organization. It was inspired by California's Legislative Analyst's Office, which oversees the state budget in a purely nonpartisan manner.
Politicians from both sides of the political spectrum have criticized the CBO when its projections have proven to be politically unpalatable, while economists and other academics vehemently deny that the CBO is politicized or that it is unable to provide reliable forecasts.
Economists generally agree that "adjust" for legal limits on what the CBO can assume about future legislation and events.
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