Lubbock Times

Yesterday, the House Budget Committee held a legislative hearing titled "Congress and the Congressional Budget Office (CBO): Examining Ways to Improve CBO," featuring CBO Director Phillip Swagel. This marks the committee's second oversight hearing this Congress aimed at enhancing the accuracy of CBO’s cost estimates, improving the timeliness of its communications with members and the public, and ensuring accountability to Congress.

As CBO celebrates its 50th anniversary, the House Budget Committee continues its efforts to ensure that CBO meets its congressionally defined goals and provides accurate, timely, and accountable information to lawmakers.

Chairman Jodey Arrington (R-TX) emphasized the importance of accurate projections for effective governance. "What you do is critical to our ability to govern our great country, no matter which side of the aisle you sit on," he said. He called for more certainty and continuity in the information provided by CBO and suggested bipartisan efforts in identifying useful reports for members. "Improper payments, waste, and fraud should be a bipartisan commitment," Arrington added.

Rep. Tom McClintock (R-CA) expressed concerns about focusing too much on future budgets rather than current responsibilities. "The only budget that matters is the budget before us today," he stated. McClintock also highlighted issues with how appropriated funds are spent. Quoting Churchill, he said: “The farther back we look, the farther ahead we can see,” advocating for a review of past program performances.

Rep. Chuck Edwards (R-NC) questioned discrepancies in revenue estimates from IRS agents funded by the Inflation Reduction Act compared to actual collections reported by EPIC. Edwards pointed out significant differences between projected revenues and actual figures.

Rep. Ralph Norman (R-SC) urged comprehensive evaluations of costs associated with various policies. He stressed that thorough cost assessments are crucial for informed decision-making in both business and political arenas.

Rep. Rudy Yakym (R-IN) raised concerns about baseline assumptions regarding foreign assistance packages inflating budget projections artificially. Dr. Phillip Swagel acknowledged this issue but assured that CBO could provide information in various helpful formats.

Earlier this week, H.R. 7032 passed both chambers unanimously—the first time a bipartisan House Budget Committee bill has achieved such consensus. The CBO Data Sharing Act aims to address challenges related to accessing data from executive branch agencies, which can impede crucial budget analyses and economic forecasts.

The House Budget Committee remains committed to maintaining congressional oversight of CBO to ensure legislative accuracy.