The Congressional Budget Office is out with its score of the Gang of 8 bill and the news is that it reduces the deficit.
In the ten-year scoring window, that amounts to a $197 billion decrease in federal deficits. In the next ten years you'd have about a $700 billion decrease in deficits. And that's all without raising taxes or cutting spending on useful programs—far and away the best kind of deficit reduction. Since immigration reform also boosts GDP, the declines in deficits as a share of the economy are even larger.
UPDATE: This is not, I think, remotely on the political agenda but it occurs to me that in principle this could be the non-tax-hiking, non-welfare-state-gutting sequestration replacement America has been waiting for.