Final answer:
The Budget and Impoundment Control Act of 1974 was aimed at reclaiming congressional control over the budget process and ensuring a balance of power between the legislative and executive branches, also establishing the Congressional Budget Office (CBO) for budgetary analysis.
Step-by-step explanation:
The Budget and Impoundment Control Act of 1974 was a legislative response to regain congressional control over the budget process, a power deemed crucial given Congress's constitutional "power of the purse". This act was an attempt by Congress to reclaim authority that had been increasingly centralized in the executive branch, particularly after the Budget Act of 1921 which gave the president the first mover advantage in the budget process. The 1974 act aimed to create a more equitable distribution of budgetary power and ensure that the president could not unilaterally impound funds—that is, withhold them from the purposes Congress had intended. It brought into existence the Congressional Budget Office (CBO), a nonpartisan body that provides economic data to Congress, promoting transparency and helping legislators make informed decisions about budgeting, taxation, and spending.