A congressional budget analysis that was released on Tuesday concludes that the comprehensive immigration reform legislation (S.744) currently being considered by the Senate to overhaul the nation’s immigration laws would cut hundreds of billions from the federal deficit over the next two decades.

The report estimates that in the first decade after enactment, the immigration bill’s net effect of adding millions of additional taxpayers would decrease the federal budget deficit by $197 billion, even with higher spending on border security and government benefits. Over the next decade, the report found, the deficit reduction would be even greater – an estimated $700 billion, from 2024 to 2033.

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