CNN reports on the Senate Compromise from today:

Immigration breakthrough could pave way for citizenship

WASHINGTON (CNN) — The estimated 12 million undocumented immigrants living in the United States could be put on the path to citizenship under a new immigration bill agreed upon Thursday by a bipartisan group of senators.

“The agreement we just reached is the best possible chance we will have to secure our borders, bring millions of people out of the shadows and into the sunshine of America,” Democratic Sen. Edward Kennedy of Massachusetts said.

President Bush expressed gratitude to the senators for their work. (Watch Bush praise bipartisanship of senators)

“I really am anxious to sign a comprehensive immigration bill as soon as I possibly can,” he told reporters outside the White House. “Today, we took a good step toward this direction.”

The bill is going to the Senate next week and if it passes, will then proceed to the House. (Watch senators explain how the bill works )

House Speaker Nancy Pelosi has told the White House that she’s not going to bring the issue to the floor unless the president can deliver at least 70 votes.

But Republican Sen. John Cornyn, R-Texas, said the bill is not a done deal.

He said he has “concerns with the principles outlined in today’s announcement.”

“I believe today’s announcement is somewhat premature because specific legislative text has yet to be drafted on a number of key details,” Cornyn said in a statement. “Until I have the opportunity to review this text, I will withhold from making more detailed comments.”

The 380-page bill, which comes after nearly three months of negotiations, would give immediate work authorization to undocumented workers who arrived in the United States before January 1, 2007.

Heads of household would have to return to their home country within eight years, and they would be guaranteed the right to return.

Applicants would also have to pay a $5,000 penalty….read the rest, and video of U.S. Senators insisting it is NOT amnesty here.