Budget Act of 1974

The Budget Act of 1974 was a significant U.S. law aimed at reforming the federal budget process. It established a framework for how the government creates its budget, requiring the President to submit a proposed budget to Congress. The Act also created the Congressional Budget Office (CBO) to provide independent analysis and help Congress understand the budget's impacts. Additionally, it introduced measures for more control over budget deficits and spending, promoting transparency and accountability in federal financial decisions. Overall, it was designed to enhance Congress's role in budgeting and improve fiscal discipline.