The Congressional Budget Office (CBO) has produced a wide range of objective, impartial, and in-depth analyses on budgetary and economic issues in order to support the Congressional budget process since its establishment in 1974. This agency, as a nonpartisan entity, has successfully procured its worldwide reputation as an independent fiscal institution.
There is, in fact, an enormous difference between Korea and the US in terms of the magnitude of budget, the fiscal function of the legislative body, and the budget process. Despite having acknowledged such differences, the National Assembly Budget Office (NABO) of Korea has benchmarked the CBO as a model for its legislative budget office since its inception in 2003. It may be worthwhile for NABO to carry out a comparative analysis with the CBO with respect to missions, organization, and products, etc., which may be used for NABO to steer its budgetary and economic activities on the right track as an effective means of enhancing its core competencies.
This report consists of 3 sections and an annex: Section 1 traces out the background of the establishment of the CBO with its development process; Section 2 shows its current status of organization, staffing, and budget; Section 3 illustrates its main functions and roles within the US budget process; and finally the translated version of the legal basis of the CBO's establishment, "The Congressional Budget and Impoundment Control Act of 1974" is annexed.
Kang Sangkyu
There is, in fact, an enormous difference between Korea and the US in terms of the magnitude of budget, the fiscal function of the legislative body, and the budget process. Despite having acknowledged such differences, the National Assembly Budget Office (NABO) of Korea has benchmarked the CBO as a model for its legislative budget office since its inception in 2003. It may be worthwhile for NABO to carry out a comparative analysis with the CBO with respect to missions, organization, and products, etc., which may be used for NABO to steer its budgetary and economic activities on the right track as an effective means of enhancing its core competencies.
This report consists of 3 sections and an annex: Section 1 traces out the background of the establishment of the CBO with its development process; Section 2 shows its current status of organization, staffing, and budget; Section 3 illustrates its main functions and roles within the US budget process; and finally the translated version of the legal basis of the CBO's establishment, "The Congressional Budget and Impoundment Control Act of 1974" is annexed.
Kang Sangkyu