With all the numbers thrown around by analysts and pundits, it's hard to keep track of who is spinning what. One federal office had their profile recently raised a few points when they announced that the economy would be better off if Obama's stimulus package wasn't passed at all.
The Congressional Budget Office.
Here's a little background:
- They are mandated by Congress to provide objective, nonpartisan, and timely analyses to aid in economic and budgetary decisions on the wide array of programs covered by the federal budget.
- CBO was founded on July 12, 1974, with the enactment of the Congressional Budget and Impoundment Control Act (P.L. 93-344). The agency began operating on February 24, 1975.
- The Speaker of the House of Representatives and the President pro tempore of the Senate jointly appoint the CBO Director, after considering recommendations from the two budget committees. The term of office is four years, with no limit on the number of terms a Director may serve. Either House of Congress, however, may remove the Director by resolution. At the expiration of a term of office, the person serving as Director may continue in the position until his or her successor is appointed.
- CBO currently employs about 235 people. The agency is composed primarily of economists and public policy analysts. About three-quarters of its professional staff hold advanced degrees, mostly in economics or public policy.