WASHINGTON, June 19, 2013 (GLOBE NEWSWIRE) -- The United States Hispanic Chamber of Commerce (USHCC) urges members of Congress to consider the positive deficit reduction implications of passing the Border Security, Economic Opportunity, and Immigration Modernization Act, commonly referred to as the "Gang of Eight" bill. In a report released yesterday, the Congressional Budget Office (CBO) estimates the bill would reduce the deficit by nearly $200 billion over the next decade and $700 billion in the subsequent 10 years.
"As the Senate continues to debate the comprehensive immigration reform bill passed by the Judiciary Committee last month, it remains a top priority of the USHCC to highlight the overwhelmingly beneficial economic repercussions – such as shrinking the deficit, spurring innovation, and creating jobs – if passed into law," said USHCC President & CEO Javier Palomarez. "Prompt passage through the Senate and House in the coming weeks is crucial as we continue working toward a full economic recovery."
Upon its release yesterday, Senator Marco Rubio (R-FL), a member of the Senate Gang of Eight, stated, "The CBO report offers encouraging evidence that the status quo is unacceptable and we can end it without burdening our already burdened taxpayers and in fact, reduce the deficit over the next 20 years."
"The figures released yesterday by the Congressional Budget Office reiterate comprehensive immigration reform as an economic imperative for our nation's business community," said USHCC Chairman Marc Rodriguez. "The USHCC looks forward to continuing its work with Congress in the upcoming weeks to ensure that this bipartisan effort – so beneficial to American business – will continue all the way to the to the President's desk for signature."
About the USHCC
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of over 3 million Hispanic-owned businesses across the United States that together contribute in excess of $465 billion to the American economy each year. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. Follow us on Twitter @USHCC.