What is the governmental office responsible for projecting federal surpluses and deficits?

The Congressional Budget Office (CBO) is the governmental office that plays a critical role in projecting federal surpluses and deficits. Its primary function is to provide Congress with objective analysis for economic and budgetary decisions. The CBO analyzes the economic impact of legislation, estimates the cost of proposed spending programs, and forecasts the government’s fiscal outlook, including anticipated surpluses or deficits over the coming years.

This forecasting is essential for creating budgets and understanding the fiscal implications of policy decisions, enabling lawmakers to make informed choices regarding taxation, spending, and borrowing. Other offices, such as the Department of Treasury or the Office of Management and Budget, have important roles in fiscal policy and management but do not focus specifically on independent budgetary projections for Congress. The Federal Reserve primarily deals with monetary policy and does not project federal surpluses and deficits.