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The Congressional Budget Office (CBO) was founded on July 12, 1974, with the enactment of the Congressional Budget and Impoundment Control Act. The agency began operating on February 24, 1975. The CBO's mandate is to provide the Congress with:
- Objective, nonpartisan, and timely analyses to aid in economic and budgetary decisions on the wide array of programs covered by the federal budget, and
- The information and estimates required for the Congressional budget process.
- ↑ Pub. L. No. 93-344.