What other agencies did the Budget and Accounting Act create?

What other agencies did the Budget and Accounting Act create?

• A. CBO for Congress and OMB for President
• B. GAO for President and OMB for Congress
• C. OMB for the President and GAO for Congress
• D. Treasury for President and GAO for Congress

Answer: (C)

The Budget and Accounting Act established two main agencies to streamline federal budgeting and oversight: one to serve the President by preparing a unified budget, and one to assist Congress with auditing and accountability. The President’s budget office was created as the Bureau of the Budget, which later became the Office of Management and Budget. The congressional auditing and accountability entity is the General Accounting Office. The Congressional Budget Office was created later, by a 1974 act, not by this one. Treasury existed well before and was not established by the Budget and Accounting Act. So the pairing is the President’s office (OMB) and GAO for Congress.

The Budget and Accounting Act established two main agencies to streamline federal budgeting and oversight: one to serve the President by preparing a unified budget, and one to assist Congress with auditing and accountability. The President’s budget office was created as the Bureau of the Budget, which later became the Office of Management and Budget. The congressional auditing and accountability entity is the General Accounting Office. The Congressional Budget Office was created later, by a 1974 act, not by this one. Treasury existed well before and was not established by the Budget and Accounting Act. So the pairing is the President’s office (OMB) and GAO for Congress.