Speech #1090137592

I will take a couple minutes. and then I am prepared to yield back the time. This budget point of order does not mean that S. 2611 would result in a significant net cost to the Federal Govenment over time. In fact. the revenues that will be produced when the undocumented immigrants become legal residents and start paying income taxes will far exceed the cost of any services they receive. CBO has determined that passage of S. 2611 will actually reduce the deficit by $12.1 billion over 10 years. and the newly legal immigrants will pay $66 billion in Federal taxes. The cost during the same period will be $54 billion. Thus. there will be a net gain to the Federal Treasury of $12 billion. There is a reason to believe this same patternrevenues coming in from immigrants in taxes exceeding the cost of serviceswill continue in subsequent years. The problem with the budget point of order is that it only looks at new spending in the outyears and does not consider the new tax revenue offsetting the cost of that spending. It does not look at the full picture.