Congressional Budget Act of 1974

The Congressional Budget Act of 1974 established a framework for federal budget-making in the United States. It created a structured process for Congress to develop and approve the federal budget, including setting annual spending limits and creating a timetable for budget proposals. The Act also established the Congressional Budget Office (CBO) to provide independent analysis of the budget. This legislation aimed to enhance fiscal discipline and improve the effectiveness of budget decisions by promoting transparency and planning, ultimately helping Congress manage the nation's finances more efficiently.