This just in — a new Congressional Budget Office (CBO) estimate of the DREAM Act shows that the legislation would increase revenues by $2.3 billion in the 2011-2020 period. After accounting for spending:

CBO and JCT estimate that enacting the bill would reduce deficits by about $1.4 billion over the 2011-2010 period.

More analysis soon, but here is the full CBO report:

Last night, in an effort to garner bipartisan support – and get this thing passed – Senate Majority Leader Harry Reid introduced a new version of the DREAM Act bill. The new version makes compromises in response to the complaints many (mostly Republican) Senators had about the original bill. I’ll be frank: the compromises make me wince. But, from what I’m hearing from those fighting to get this passed, they aren’t deal-breakers. And this is our best shot to get the much-needed Republican votes in order to make the DREAM Act a reality. Here’s a quick summary of the most notable changes:

According to the Senator’s office, Senate Majority Leader Harry Reid now plans to bring the Dream Act up for a vote as a stand-alone measure after Thanksgiving recess.

“I will move the DREAM Act as a standalone bill in the lame duck,” Reid wrote on his Twitter account. “It’s good for the economy & Pentagon says good for natl security.”

U.S. Senate Majority Leader Harry Reid said he will seek votes by the end of the year on proposals to let some children of illegal immigrants gain legal status and to repeal the ban on gays serving openly in the military.

Sen. Robert Menendez (D-N.J.), Rep. Nydia Velasquez (D-N.Y.) and Rep. Luis Gutierrez (D-Ill.) will meet with President Barack Obama Tuesday afternoon to talk about the chances of getting comprehensive immigration reform or the DREAM Act passed in the lame duck session, a House Democratic source said.

That’s right, key House Republicans want a vote on the common-sense DREAM Act without further delay. Since 2002, the DREAM Act has been a bipartisan measure with bipartisan support, and we are glad to see Republican leaders on the measure again speaking up for its passage today.

There has been no shortage of talk about comprehensive immigration reform on Capitol Hill. But years of promises, good intentions and even all-out efforts to pass legislation so far have led nowhere.

Some Democrats hold out hope that a reform bill can be passed in a post-election lame-duck session. If Republicans win big at the ballot box, the session could be the Democrats’ last chance to act for a while.

Sen. Robert Menendez (D-N.J.) defended his introduction of an immigration bill as an opportunity for lawmakers to take up the legislation either in the lame-duck session or in the next Congress.