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.

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“This report proves that immigration reform is not only the right thing to do to stay true to our nation’s principles, it will also boost our economy, reduce the deficit and create jobs,” Schumer said.

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 ReidReid: Comey should be investigated in wake of Russia report Spokesman: NY Times ignored Reid's comments in pre-election story on Russia Senate passes dozens of bills on way out of town 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 SessionsDem senator seeks more time for 'due diligence' on Sessions nomination Senate clears water bill with Flint aid, drought relief Critics of Jeff Sessions's LGBT case don't know their history (or his) 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.