Which body was created by the Budget and Impoundment Control Act of 1974?

The body created by the Budget and Impoundment Control Act of 1974 is the Congressional Budget Office (CBO). The CBO was established to provide independent analyses of budgetary and economic issues to support the congressional budget process. Its primary purpose is to help Congress in its role of creating and overseeing the federal budget, ensuring that lawmakers have access to reliable, nonpartisan information when making fiscal decisions.

The CBO plays a critical role in scoring legislation, which means it assesses the potential budgetary effects of proposed laws, thereby influencing the legislative process. This creation was a response to the need for better budgetary control and more structured procedures for managing the federal budget, especially in the context of rising federal expenditures and executive impoundment actions.

Other choices like the Congressional Financial Office, the National Budget Council, and the Federal Budget Office do not exist or were not established by this specific legislation, thus highlighting the unique role of the CBO in the context of U.S. budgetary practices.