During his joint address to Congress Tuesday, President Donald Trump called for tax cuts for all and a balanced budget. Achieving these goals will require accurate, transparent budget data to guide legislative decisions.
A new National Taxpayers Union Foundation (NTUF) report released Wednesday outlines 25 reforms to the Congressional Budget Office (CBO) to strengthen its ability to provide lawmakers with the most reliable budget data possible.
CBO plays a major role in the legislative process. Its cost estimates and fiscal analysis of policy proposals have a significant influence over which legislation advances in Congress. CBO estimates face the difficulties of unforeseen events, shifting economic conditions, and the inherent difficulty of modeling complex proposals.
“Reforms can enhance the accuracy, transparency, and responsiveness of CBO’s analysis and ensure that lawmakers and taxpayers are fully informed about the potential costs of policies under consideration,” Demian Brady, NTUF vice president of research and author of the report, said.
The report outlines reforms in four key areas:
- Increasing congressional oversight of CBO
- Enhancing accuracy in cost estimates and economic analysis
- Improving transparency and public access to information
- Strengthening CBO’s budget baseline and scoring methodologies
From adopting a current policy baseline and accounting for debt service costs to integrating dynamic and quantifying how today’s spending shifts the burden onto future taxpayers, measures outlined in the report would enhance the ability of CBO to provide more precise and comprehensive analyses. Regular oversight hearings and increased transparency would further ensure that CBO’s work is accountable and aligned with congressional priorities.
“By strengthening CBO’s resources, methodologies, and reporting practices, these reforms will improve both the quality of budgetary data available to policymakers and the broader fiscal debate,” Brady said.
Read the full report.