Senate Immigration Bill Would Save US $175 Billion: CBO Report

The Senate's proposed immigration law would cut close to $1 trillion from the federal deficit over the next two decades and lead to more than 10 million new legal residents in the country.

The findings came in the long-awaited report by the nonpartisan Congressional Budget Office (CBO) Tuesday. It marked a major victory for the "Gang of Eight" senators who have spent months negotiating sweeping immigration reform.

Conservatives have said the bill would cost the nation billions of dollars. The impartial CBO analysts concluded the opposite.

The agency said deficits would fall by $197 billion the first 10 years and by $700 billion in the next decade if the bill became law. That is even with higher spending on border security and government benefits.

In a statement issued quickly after the report was released, the White House said it was "more proof that bipartisan commonsense immigration reform will be good for economic growth and deficit reduction."

Senate Immigration Bill Would Save US $175 Billion: CBO Report