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The quota is set by Congress. It was 65K for many years, but I hear during the bubble it was temporarily increased.

Sounds like a 'magic number' to me. What's it based on?

It's Congress's work, so it's likely a compromise between parties.

Which means it's entirely a number pulled out of someone's ass rather than anything related to reality.

A number that sounds good. There isn't much in the way of reasoning behind it.

65K open to everyone and 20K for those who possess US masters degree or higher.