Question

The office is involved in the preparation of Congress' budget

a. Office of Management and Budget
b. General Accounting Office
c. Congressional Accounting Office
d. Office of Congressional Management and Budget
e. Congressional Budget Office

Answer 1

The Congressional Budget Office (CBO) is the office involved in the preparation of Congress' budget. It generates budget estimates, scores proposed legislation for budgetary impacts, and tracks federal debt to aid Congress in fiscal decision-making.

Step-by-step explanation:

The office involved in the preparation of Congress' budget is the Congressional Budget Office (CBO). The CBO is a non-partisan office that is charged with creating budget estimates, studying the impact of proposed legislation, and assessing its net effect on the budget. The CBO's responsibilities include scoring legislation for budgetary impacts, which is crucial for Congress to make informed decisions about fiscal policy. Furthermore, the CBO tracks federal debt and helps Congress with guidance on balancing the budget.

Other entities, such as the Office of Management and Budget (OMB), also play significant roles in the federal budget process, but the OMB primarily assists the president in preparing the executive budget proposal and overseeing implementation during the fiscal year. Unlike the CBO, the OMB is part of the executive branch and operates under the purview of the president, whereas the CBO operates as an independent, nonpartisan agency under Congress.