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Unformatted text preview: was created in 1970 in the Executive Office of the White House, advises the president on budget policy and collects and analyzes the requests for funding from all government departments and agencies. The OMB then puts the budget together based on anticipated revenues and expenditures, and it is submitted to Congress in January. Congress's role in determining budget policy increased with the passage of the Budget and Impoundment Control Act of 1974. The legislation set up budget committees in both the House and Senate, established the Congressional Budget Office (CBO) to give Congress access to expert advice to conduct a comprehensive budget review, and set a timetable for approval of the budget....
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This note was uploaded on 11/20/2011 for the course POSI 1310 taught by Professor Arnold during the Spring '08 term at Texas State.
- Spring '08