The Bush administration has come out against the DREAM Act. A few key paragraphs from its announcement:

The Administration continues to believe that the Nation’s broken immigration system requires comprehensive reform. This reform should include strong border and interior enforcement, a temporary worker program, a program to bring the millions of undocumented aliens out of the shadows without amnesty and without animosity, and assistance that helps newcomers assimilate into American society. Unless it provides additional authorities in all of these areas, Congress
will do little more than perpetuate the unfortunate status quo.
The Administration is sympathetic to the position of young people who were brought here illegally as children and have come to know the United States as home. Any resolution of their status, however, must be careful not to provide incentives for recurrence of the illegal conduct that has brought the Nation to this point. By creating a special path to citizenship that is unavailable to other prospective immigrants—including young people whose parents respected the Nation’s immigration laws—S. 2205 falls short. The Administration therefore opposes the
bill.

[...]
The open-ended nature of S. 2205 is objectionable and will inevitably lead to large-scale document fraud. The path to citizenship remains open for decades, thus creating a strong temptation for future illegal aliens to purchase fraudulent documents on a burgeoning black market. Moreover, the bill’s confidentiality provisions are drawn straight from the 1986 amnesty law and will provide the same haven for fraud and criminality as that law did.
Immigration is one of the top concerns of the American people—and of this Administration—but it needs to be addressed in a comprehensive and balanced way that avoids creating incentives for problems in the future.