Short Essay In A Fully Developed Essay Of At Least 500 Wordsthoroughl

Short Essay: Office of Management and Budget (OMB)NameCourseProfessorDateIntroductionThe Office of Management and Budget (OMB) is an office in the office of the President of the US that is responsible for the budgeting of the President and ensuring that t the policies, programs and procedures are consistent with the president's policies in terms of quality (Cozzetto, Kweit and Kweit, 1995). The Congressional Budget Office (CBO) is a government agency within the legislation government organ responsible with budgeting and provision of other economic information to the congress. The following discussion compares and contrasts the two government agencies in a summarized form.SimilaritiesThere exist some similarities in the roles and powers of the office of management and budget (OMB) and the Congressional Budget Office (CBO). The first similarity is the independence of the two offices. In the year 1974, the Congressional Budget and Impoundment Control Act was enacted and gave the CBO the independence of generating economic reports and doing its analysis just in the same way the OMB does. The OMB and the CBO are part of the four central financial agencies with specific functions and responsibilities to play. The other