CBO: Senate immigration bill could cut deficit by nearly $700B in 20 years

A Senate proposal to overhaul immigration could reduce the federal deficit by nearly $700 billion over 20 years if it becomes law, according to the Congressional Budget Office. The measure is expected to boost the country's workforce, which could result in about $175 billion in savings in 10 years due to increased income- and payroll-tax collections. However, it could slightly decrease wages and boost unemployment during the first 10 years, with wages expected to see an increase the following decade.

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