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Yes.

The Budget and Accounting ct of 1921 which was passed by the Republican President Warren G. Harding. It created the Presidential budget director.

The General account Office was created to assure federal oversight of the budget. Harding appointed Charles Dawes, known for being an effective financier, as the first director of the Bureau of the Budget. Dawes reduced government spending by $1.5 billion his first year as director, a 25% reduction, along with another 25% reduction the following year. In effect, the Government budget was nearly cut in half in just two years.

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