The Congressional Budget Office (CBO) plays a crucial role in the United States' legislative process, providing economic analysis and budgetary estimates to inform lawmakers' decision-making. As an advanced audience, we will delve into the functions and impact of this nonpartisan agency.

The CBO was established in 1974 by the Congressional Budget Act, aiming to provide objective and unbiased assessments of budgetary policies. Its primary responsibility is to assist Congress in developing and evaluating fiscal policy, including estimating the cost of proposed legislation. The CBO also analyzes the federal budget, forecasts future spending and revenue trends, and provides guidance on long-term fiscal sustainability. In addition, it offers technical assistance to lawmakers, helps them understand complex policy issues, and facilitates bipartisan dialogue on budgetary matters.

The CBO's influence extends beyond Capitol Hill, as its analyses often shape public discourse and influence executive branch decisions. For instance, during the healthcare reform debate in 2009, the CBO's estimate that the Affordable Care Act would reduce the deficit helped garner support for the bill among moderate Democrats. Similarly, the CBO's projections on the long-term viability of Social Security and Medicare programs have prompted policymakers to address these issues through various reforms. Overall, the CBO's impartial expertise enables informed decision-making, promoting transparency and accountability in the US budget process.