WASHINGTON, June 18 A White House-backed immigration bill moving through the U.S. Senate would cut federal budget deficits over the long-term and provide an overall boost to the economy, the Congressional Budget Office said on Tuesday.
CBO, the nonpartisan budget analyst for Congress, estimated that the legislation would reduce deficits by $197 billion from 2014 to 2023 and by $700 billion from 2024 to 2033.
The estimate is in stark contrast with a forecast issued last month by the conservative Heritage Foundation think tank that said that the bill would cost taxpayers $6.3 trillion over the next half century.
UPDATE 1-EU proposes new pension product to boost private savings
* Proposal estimated to double growth of sector by 2030 (Adds industry reaction)