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CBO Chief on the Impossible Job of Gauging How Much Legislation Costs
The director of the nonpartisan Congressional Budget Office on Monday defended his agency’s accuracy in projecting future costs of pending legislation. Doug Elmendorf used a blogpost to answer a member of Congress who asked whether CBO goes back to review its past estimates against real-world eventual results, focusing on spending on the Recovery Act, Medicare Part D’s prescription drug benefit, auctions of spectrum space and unemployment insurance.