Net deficit reduction of $197 billion predicted over first 10 years
Texas Insider Report: Washington DC - Yesterday the Congressional Budget Office (CBO) released its findings on the financial impact of the Senates Gang of Eight immigration reform bill.
The CBO reported that S. 744 the Border Security Economic Opportunity and Immigration Modernization Act would reduce the federal deficit by a net of $197 billion over the first ten years of implementation. In the second decade it projects an additional $690 billion in deficit reduction.
Congressman Green stated The benefits of this bill are obvious. Youre bringing 10.4 million U.S. residents into the system that previously werent paying income tax or Social Security and Medicare taxes. Our nation was founded by immigrants and hardworking law-abiding residents should have the opportunity to contribute to our country openly and proudly.
Approximately 11.5 million unauthorized adults and children resided in the United States in 2011. The bill provides pathways to provisional legalization for unauthorized residents that meet necessary qualifications and pay associated fines and processing fees.
