CBO estimates Senate immigration bill cuts deficit by $197 billion

[babylonsister]

Rethugs may have a rough time with this one.

CBO estimates Senate immigration bill cuts deficit by $197 billion
By Erik Wasson - 06/18/13 06:14 PM ET


The Congressional Budget Office estimated Tuesday the Senate immigration bill would reduce deficits by $197 billion over 10 years, handing supporters a new economic argument for the bill as the upper chamber marches toward a final vote.

The CBO said the bill would increase spending by $262 billion between 2014 and 2023 by requiring new border security measures, but would increase revenue by $459 billion as those given legal status and newly admitted temporary workers pay taxes.

Perhaps even more importantly, the budget office said the bill would also reduce deficits by $700 billion between 2024 and 2033.

That finding directly contradicted predictions and estimates from Sen. Jeff Sessions (R-Ala.) and other critics of the bill who said it would add red ink to the budget as more immigrants are granted access to entitlements.

Supporters of the Senate bill hailed the CBO numbers, which they said would boost the bill ahead of an expected Senate vote next week.

“This report is a huge momentum boost for immigration reform,” said Sen. Charles Schumer (D-N.Y.), a member of the Gang of Eight that crafted the bill.

more...

http://thehill.com/blogs/on-the-money/budget/306311-cbo-immigration-bill-cuts-deficit