CBO estimated that the Gang of Eight’s bill would reduce the deficit by $197 billion over the next ten years and reduce the deficit an additional $700 billion during the second decade of its implementation.
Schumer, a member of the Gang of Eight, said the report also stated that U.S. Gross Domestic Product (GDP) would increase by 3.3 percent in 2023.
The Senate is considering the Border Security, Economic Opportunity, and Immigration Modernization Act. Amendment work on the bill is expected to continue throughout this week. Senate Majority Leader Harry ReidHarry ReidOvernight Finance: Obama signs Puerto Rico bill | Trump steps up attacks on trade | Dodd-Frank backers cheer 'too big to fail' decision | New pressure to fill Ex-Im board Iowa poll: Clinton up 14 on Trump, Grassley in tight race with Dem Lynch meeting with Bill Clinton creates firestorm for email case MORE (D-Nev.) has said he wants to complete work on the bill by the July 4th recess.
The bipartisan group of eight senators, known as the Gang of Eight, introduced S. 744, which would create a pathway to citizenship for illegal immigrants already in the country, toughen border security, create a guest worker program and boost high-skilled immigration.
Some Republicans have complained that the legislation would provide amnesty in 10-13 years for the nearly 11 million illegal residents before strengthening border enforcement.
Sen. Jeff SessionsJeff SessionsTrump says he turned down offer to speak every night at convention Gingrich, Christie top Trump’s VP list: report Trump hopes for boost from Brexit vote MORE (R-Ala.) has also complained that the bill would cost U.S. workers jobs and burden taxpayers because eventually immigrants would be allowed to use welfare benefits.