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Statement of Alice M. Rivlin, Congressional Budget Office, before the Joint Economic Committee 1 (April 1975)

handle is hein.congrec/cbo8613 and id is 1 raw text is: Statement of Alice M. Rivl in Congressional Budget Office Before the Joint Economic Comumittee April 3, 197S Mr. Chairman and Members of the Committee: I welcome the opportunity of discussing with you today some of the issues raised by long range budget projections. As you are well aware, the Congressional Budget and Impoundment Act of 1974 gives the Congressional Budget Office considerable responsibility for pro- jections. The Office is required by Section 308 (c) to issue a report detailing the long run implications of congressional budget actions as soon as is practicable after the start of the fiscal year. This report will contain five year projections of budget authority, outlays, revenues, and tax expenditures. The responsibility for assisting comumittees in the preparation of five-year budget outlay estimates for bills and resolutions that are reported (Section 308(a)) will also place the Congressional Budget Office squarely in the long- range projection business. Moreover, projections are not just an ancillary duty of the CBO: They are central to its function and to the reason it was created. Over the years Congress has become increasingly aware of several weaknesses in its capacity to make informed budget decisions. One weakness was the

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