Immigration Bill to Reduce Deficit by $175 Billion in 10 Years

Washington: The U.S. immigration bill, which is awaiting passage by the Senate, will reduce the American budgetary deficit by $ 175 billion in 10 years, an independent Congressional report has said.

The Congressional Budget Office, in its report, said the bill, if passed by the Congress in its present form and signed into a law, will save $ 197 billion in 10 years.

The report subtracts implementation cost of the bill, which is expected to stand around $ 22 billion.

The bill, the CBO report says, will decrease the deficit by an additional $ 700 billion in another ten years.

"This report is a huge momentum boost for immigration reforms. This debunks the idea that immigration reform is anything other than a boon to our economy, and robs the bill's opponents of one of their last remaining arguments," said Senator Chuck Schumer.

"We have more proof that bipartisan commonsense immigration reform will be good for economic growth and deficit reduction, this time in the form of a nonpartisan Congressional Budget Office estimate," White House Press Secretary, Jay Carney, said in a statement.

The CBO estimates come close on the heels of a recent analysis by the independent Social Security Administration's Chief Actuary last month that the immigration bill will strengthen the long-term solvency of social security for future generations, Carney noted.

Read More: Why Indian Companies Betting High On Foreign Investment