Colorado U.S. Senator Michael Bennet today issued the following statement on a report released by the Congressional Budget Office (CBO) that the bipartisan immigration bill being debated in the Senate would decrease the budget deficit by $197 billion over the next ten years with even further reductions in the ten years following.
“Today’s CBO report underscores the velocity we add to our economy by fixing our immigration system. We have a golden opportunity to rise above politics as usual, to do something big and something real that will support our businesses and workers, unite families, add to our security and welcome people out of the shadows as contributing members to our society. Our other choice is to maintain the status quo that is holding us back, leaves us less secure and continues to pull families apart. Now is the best chance in a generation to fix this broken system – and this report brings with it compelling reasons to pass this bill.”
According to CBO, the Border Security, Economic Opportunity, and Immigration Modernization Act would:
- Decrease the deficit by $197 billion in the first ten years
- Decrease the deficit by $700 billion over the following decade;
- Increase GDP 3.3 percent in 2023 and between 5.1 and 5.7 percent in 2033.
A recent analysis by the independent Social Security Administration’s Chief Actuary last month found that the Senate’s bipartisan immigration bill will strengthen the long-term solvency of Social Security for future generations.