Congressional Budget Office Report States that the Senate Immigration Bill Would Save the U.S. Nearly Nine Hundred Billion Dollars

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In a report released June 18, 2013, the nonpartisan Congressional Budget Office (CBO) estimates that by 2023, enacting The Border Security, Economic Opportunity, and Immigration Modernization Act of 2013 (S.744) could reduce deficits by $175 billion and by at least $700 billion in the second decade.  It further believes that enacting the Bill would generate changes in direct spending and revenues that would decrease federal budget deficits by $197 billion over the 2014-2023 period.  The CBO estimates that implementing the legislation would result in net discretionary costs of $22 billion over the 2014–2023 period.

Combining those figures would lead to a net savings of about $175 billion over the 2014–2023 period due to enacting S. 744.  The rise in legal immigrants and the U.S. population overall would increase spending on refundable tax credits, Medicaid and health insurance subsidies, among other federal benefits.  At the same time, however, the surge would create even more tax revenue by way of income and payroll taxes, mostly because of the larger size of the labor force.

Topics:  Congressional Budget Office, Deficit Reduction, Federal Budget, Immigration Reform

Published In: Elections & Politics Updates, Finance & Banking Updates, Immigration Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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