Jul 14 2014
This month marks the 40th anniversary of the Congressional Budget and Impoundment Control Act of 1974. Signed into law on July 12, 1974, the Congressional Budget Act set parameters for the Congressional budget process. The law created the Senate and House Budget Committees and the Congressional Budget Office, which have provided citizens with more information to understand how the federal budget process works and how it will affect them.
Highlighting the law’s 40th anniversary, Chairman Murray released the following statement:
“On the 40th anniversary of the Congressional Budget Act, it’s important to remember how decisions we make about the budget in Congress affect the American people. Federal budgets are much more than just numbers on a page—they have real impacts on people and communities.
“The Congressional Budget Act has been valuable in establishing a process in Congress to look closely at what we are investing in and why, as we work to ensure the federal budget reflects the values and priorities that the American people care about most. ”