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At this week's presser, Obama said he wanted to introduce immigration reform "very soon after [his] inauguration." Julia Preston sums up the president's plan:

Mr. Obama made clear he intends to push for broad-scope legislation that would include a program to give legal status to an estimated 11 million illegal immigrants in the country…. Mr. Obama said he also wanted to strengthen border security, punish employers who systematically hire unauthorized workers, and make visas available for farm workers and immigrants working in science and technology. 

The above chart is from a 2010 Center for American Progress report (pdf) that projects immigration reform could add a potential $1.5 trillion to the US GDP over 10 years. Jordan Weissmann unpacks it:

[The report's] calculations are based partly on the impact of the Reagan administration's 1986 immigration reforms, which gave legal status to about 3 million undocumented individuals. That, in turn, gave those workers leverage to bargain with their employers for higher paychecks, while giving them an incentive to learn English so they could advance in the workplace. … Extrapolating from that history, CAP believes that giving today's 11.3 million undocumented immigrants a route to citizenship could increase their collective earning power by as much $36 billion a year.

Free Exchange highlights similar findings:

Even a modest … easing of restrictions could be very rewarding. Lant Pritchett of Harvard University estimates that just a 3% rise in the rich-world labour force through migration would yield annual benefits bigger than those from eliminating remaining trade barriers. The incorporation of women into the rich-world workforce provides an analogy: this expanded the labour supply and the scope for specialisation without displacing the “native” male workforce.