GAO Glossary of Terms and Definitions (September 2005)

Congressional Budget and Impoundment Control Act of 1974

Established a process through which Congress could systematically consider the total spending policy of the United States and determine priorities for allocating budgetary resources. The process calls for procedures for coordinating congressional revenue and spending decisions made in separate tax, appropriations, and legislative measures. It established the House and Senate Budget Committees, the Congressional Budget Office (CBO), and the procedures for congressional review of impoundments in the form of rescissions and deferrals proposed by the President. (See also Budget Enforcement Act; Deferral of Budget Authority; Gramm-Rudman-Hollings; Impoundment; Rescission.)

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