.The Congressional Budget Office, or CBO, produces reports and analysis that have a dramatic impact on bills that come through the House and Senate. Unfortunately, the CBO sometimes falls short with their estimates. One recent example is the Democrats’ Inflation Act – the CBO estimated the Energy and Climate provisions to cost $391 billion. However, Credit Suisse and Goldman Sachs estimated $800 billion and $1.2 trillion, respectively. The CBO increased its estimates, but not until after the legislation was passed.
Congress makes trillion-dollar decisions based on the CBO’s estimates. It’s so important that their estimates are correct.
This week the House Budget Committee held a hearing about oversight of the Congressional Budget Office. We questioned CBO Director Dr. Phillip Swagel.
You can watch my remarks here.