Mexico, if we take (and pay for) your 12 million people, we want cession of territory as compensation. The states of Baja California Norte, Baja California Sur, Sonora, Chihuahua, Coahuila, Nuevo Leon, and Tamaulipas will become US Territories and turned into a low tax, free-trade zone called the Republic of South Texas. Workers from the remainder of Mexico and other Central and South American states will be welcomed. Companies from around the world will be invited to build factories in the new zone. Narcotic use will be decriminalized in the Republic, taking the cartels out of the equation and creating an instant buffer zone between Mexico and the US. The Republic will be largely self-governing, however military affairs will be overseen by the US Department of Defense and policing by the Department of Homeland Security.
And, the US gets the right to buy as much Mexican oil as we want for twenty years at $25/barrel or at the market price, whichever is lower.
Once we get these concessions we can proceed with the Bush plan, which probably is the only logical way to deal with the illegals already here in the US. Many of those illegals would relocate to the new Republic immediately, easing the burden.
Why don't we just give California back to Mexico then?
We rid ourselves of millions of illegal aliens, the Hollywood elite, and 55 electoral college votes going for the liberal candidate in damned near every presidential election.