That’s how much the bipartisan Senate immigration reform bill, S.744, would reduce the U.S. deficit over 10 years, according to a new Congressional Budget Office (CBO) assessment.
But wait—it gets better, to the tune of $690 billion.
Dylan Matthews at the Washington Post writes about the CBO “score” issued for the Gang of Eight’s bill:
While the bill increases spending by $262 billion over 10 years, it increases revenue by $459 billion, for a deficit reduction of $197 billion in total. Additionally, it projects $690 billion in deficit reduction in the second decade of implementation, from 2024 to 2033.
Also worth noting in the CBO score, according to the American Immigration Council:
- S. 744 will have no major impact on wages in the first 10 years after enactment and will result in a net increase in average wages after 20 years.
- Overall, employment would increase as the labor force expanded, because the additional population would add to demand for goods and services and, in turn, to the demand for labor.
Deeper analyses of the CBO score are in the works, but for now, it’s important to share the good news. The CBO, an independent federal agency that provides economic data to Congress, has a great deal of credibility. Their assessment that S.744 can save billions is a huge boost to all of us who stand with immigrants and refugees!