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1 Emily Stern, et al., CBO Explains How It Develops the Budget Baseline 1 (April 18, 2023)

handle is hein.congrec/cboepshw0001 and id is 1 raw text is: CB O Explains How It Develops the B udget B aseline The Congressional Budget Act of 1974, often called the Budget Act, established the House and Senate Committees on the Budget to set broad federal tax and spending policy and identify priorities for allo- cating budgetary resources. To help those committees carry out their responsibilities, the Budget Act also established the Congressional Budget Office and required it to produce an annual report on federal spending, revenues, and deficits or surpluses, as well as subsequent revisions to that report as may be necessary. To fulfill that requirement, CBO provides the Congress with projections of revenues from each major revenue source, spending for every federal budget account, and the resulting deficits or surpluses, along with forecasts of the nation's economy for the current fiscal year and for the ensuing 10 years. Those pro- jections, which constitute CBO's budget baseline, are developed under the assumption that current laws governing taxes and spending generally remain in place. Baseline projections supply the Congress with information about the budgetary outlook over the coming decade under current laws and a benchmark to use in determining whether proposed legislation is sub- ject to various budget enforcement procedures. Most of the rules that govern the baseline are specified in law, although some have been developed jointly by the House and Senate Committees on the Budget, the Office of Management and Budget (OMB), and CBO. This document provides answers to questions that CBO is frequently asked about how it prepares its baseline projections. CBO's baseline projections, along with information about its economic forecast, are available on the agen- cy's website. For an explanation of key terms used throughout this report, see Common Budgetary Terms Explained; for detailed definitions, see CBO's Glossary. Note: This document is one in a series of primers explaining various elements of CBO's work to support the budget process and to help the Congress make budget and economic policy. It updates and supersedes How CBO Prepares Baseline Budget Projections, published in February 2018. This and other primers in the series are available on the agency's website at www.cbo.gov/topics/budget/budget-concepts-and-process.

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