READ: The CBO finds immigration reform will save $197 billion over 10 years

The CBO's score of the Gang of Eight immigration reform bill is out and it's very positive. While the bill increases spending by $262 billion over 10 years, it increases revenue by $459 billion, for a deficit reduction of $197 billion in total. Additionally, it projects $690 billion in deficit reduction in the second decade of implementation, from 2024 to 2033.

The reports predicts that the bill will add 10.4 million permanent U.S. residents and 1.6 million new temporary visa-holders, and reduce the undocumented immigrant population by 1.6 million.

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Update: The CBO also released an economic analysis upon which the report is based. They estimate that the bill will increase GDP by 3.3 percent in 2023, and by between 5.1 percent and 5.7 percent in 2033:

Average wages would be 0.1 percent lower in 2023 but 0.5 percent higher in 2033 than under current law:

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