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Sen. Tom Coburn ready to release deficit reduction plan
newsok.com ^ | 26 June 2011 | Chris Casteel

Posted on 06/27/2011 7:49:01 PM PDT by FourPeas

Oklahoma senator hopes is putting the finishing touches on his plan to reduce the federal deficit by $9 trillion. He expects to release it this week.

WASHINGTON — U.S. Sen. Tom Coburn, who has been working on a deficit-reduction plan worth $9 trillion over 10 years, said he hopes to release the blueprint late this week.

That timetable may slip since the scope of the plan requires so many calculations (mathematical, not political). Coburn, R-Muskogee, and his staff have been working on the plan since the senator dropped out of the bipartisan Gang of Six deficit reduction talks in May.

He has declined to discuss details, though a plan that big — more than twice what the president's fiscal commission recommended in December — would have to include everything, including new revenue. Coburn has said repeatedly that new revenue — from eliminating or modifying tax breaks — will be necessary.

[snip]

For Coburn, “enough” is at least $4.75 trillion in deficit reduction over 10 years.

“What's going to happen is that in 2012, interest rates are going to start rising … and could very well rise 1 to 2 percent,” Coburn said. “That's $300 billion right there (in additional interest costs on the national debt) — $3 trillion over 10 years.

“So if you haven't figured in some interest rate increases in what you're cutting, you haven't helped us. If you only do $2.5 trillion (in cuts) and you got $3 trillion in interest costs, where are you? You're half a trillion in the hole.”

(Excerpt) Read more at newsok.com ...


TOPICS: Government; News/Current Events; US: Oklahoma
KEYWORDS: budget; coburn; default; economy; gangofsix; hike; oklahoma; tax; tomcoburn
Interesting that Coburn is expecting interest rates to rise.
1 posted on 06/27/2011 7:49:06 PM PDT by FourPeas
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To: FourPeas

I really don’t care to buy what you are selling Coburn. You berated me for not understanding what a genuinely great lady Nancy Pelosi is and then took a dump on the Tea Party folks. Now after your gang of six faggotry circled down the drain, you are going to pimp your own garbage plan based on something, interest rate increases, that we have no way of knowing will happen.

Go away you phony Conservative. I don’t trust anything you do.


2 posted on 06/27/2011 8:02:25 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: FourPeas
...$9 trillion over 10 years

Another politician trying to pull the wool over our eyes. If he is sincere, he should come up with a plan that will reduce it before his term is up and he must find a way to force it through.

3 posted on 06/27/2011 8:02:27 PM PDT by JimWayne
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To: FourPeas

DEFUND all socialist collectives, foreign and domestic.

These POS politicians can go part-time with 1/10th pay, NO benefits, NO retirement, NO insurance, NO perks.

We’ll live as low-taxed, prosperous citizens in a nation that acts as a beacon for individual liberty.


4 posted on 06/27/2011 8:09:56 PM PDT by PGalt
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To: FourPeas

We need a balanced budget within 4 years. Simple as that.


5 posted on 06/27/2011 8:14:58 PM PDT by Free Vulcan (Vote Republican! You can vote Democrat when you're dead.)
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To: FourPeas

Unless it abolishes the Depts. of Agriculture, Energy, Education, Housing and Urban Development, Transportation, Etc. and agencies bureaus such as EPA, BATF, etc., I wouldn’t support it as workable!


6 posted on 06/27/2011 8:19:26 PM PDT by RetiredTexasVet (There's a pill for just about everything ... except stupid!)
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To: FourPeas

Any rational budget would start by recognizing that only a fool borrows money to give it away as charity. End all welfare, foodstamps, housing assistance, medicaid, unemployment benefits, EITC, tax credits, mortgage deductions, and foreign aid.

From deficit to surplus in one harsh dose of reality.


7 posted on 06/27/2011 8:22:04 PM PDT by Kellis91789 (There's a reason the mascot of the Democratic Party is a jackass.)
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To: JimWayne
Years 1-9 -- Deficit.

???

Year 10 -- Some magic happens.

8 posted on 06/27/2011 8:41:39 PM PDT by sportutegrl
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To: FourPeas
"Coburn has said repeatedly that new revenue — from eliminating or modifying tax breaks — will be necessary."

It's interesting that Republican Senator Coburn is presenting a plan to hike taxes! Exactly what Obama said that he wanted with eliminating "tax breaks."


9 posted on 06/27/2011 8:48:40 PM PDT by familyop (We Baby Boomers are croaking in a thunderous avalanche of rottenness smelled across the universe.)
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To: FourPeas
What's going to happen is that in 2012, interest rates are going to start rising … and could very well rise 1 to 2 percent,” Coburn said. “That's $300 billion right there (in additional interest costs on the national debt) — $3 trillion over 10 years.

Who was that crazy man that said you don't finance long term debt at short term rates? Ran for President about 20 years ago.

10 posted on 06/27/2011 9:01:48 PM PDT by Doe Eyes
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To: Lazlo in PA
"Go away you phony Conservative. I don’t trust anything you do."

You're the one that needs to take a hike. You don't belong on FR. No one is more conservative than Tom Coburn. Go back to DU, or MoveOn.

11 posted on 06/27/2011 9:08:35 PM PDT by matthew fuller (My realistic, updated (06/22/11) dream picks, in order: 1.DeMint 2.Bolton 3.Bachmann 4.Palin)
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To: FourPeas
Coburn, R-Muskogee,

Muskogee? Isn't he the senator for the entire state of Oklahoma?

Anyway, 9 Trillion is a good start.

12 posted on 06/27/2011 9:14:42 PM PDT by TenthAmendmentChampion (Darwinism is to Genesis as Global Warming is to Revelations.)
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To: TenthAmendmentChampion

I didn’t close my tag!


13 posted on 06/27/2011 9:18:31 PM PDT by TenthAmendmentChampion (Darwinism is to Genesis as Global Warming is to Revelations.)
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To: matthew fuller

Big fan of Pelosi, eh? Do you support Coburn defending her in the strange manner he did by insulting his constituents? That alone puts him on my list of untrustworthy people. The Gang of Six nonsense is also as troubling.

You find that worthy of slurring me a Rat? So be it. Maybe you could point me to another Conservative strongly defending Pelosi.


14 posted on 06/27/2011 9:21:57 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lazlo in PA

I really don’t know what you’re talking about- I am basing my statement on his 12 year voting record, 98.17 conservative @ ACU. Only one Senator, Barrasso, has a better record, 99, but for only 4 years.


15 posted on 06/27/2011 9:32:13 PM PDT by matthew fuller (My realistic, updated (06/22/11) dream picks, in order: 1.DeMint 2.Bolton 3.Bachmann 4.Palin)
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To: matthew fuller

http://www.cbsnews.com/8301-503544_162-20001827-503544.html


16 posted on 06/27/2011 9:35:58 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lazlo in PA

That’s a strange stance from our most conservative senator. But I still base my decisions and opinions on their voting records.


17 posted on 06/27/2011 10:10:40 PM PDT by matthew fuller (My realistic, updated (06/22/11) dream picks, in order: 1.DeMint 2.Bolton 3.Bachmann 4.Palin)
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To: matthew fuller

That’s fine to still support him. I just take a hard line when it comes to Pelosi. She single handedly rammed the health care bill. There is absolutely no reason to talk down the anger of voters over this destruction she wrought, and the slam the messengers who informed us.

I also became upset with him as he gave Obummer credibility by getting involved with negotiating on the Obamacare bill. He should have walked away and not gotten involved. Obama was able to use his participation against him.

The last straw was the gang of six charade. It wreaks of McLame and Grahamnesty with Coburn sitting down cutting a deal with Dick Durbin. There is only one position on this matter. Cut spending period. Not raising taxes.

Despite your slur towards me, I am not a Rat troll. My volumes of posts and solid history at FR speaks for itself. Might I suggest not hanging strictly to the ACU ratings and look at what these dude are actually doing and saying.


18 posted on 06/27/2011 10:30:35 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: FourPeas

10 year this, 12 year that..

Plans that take that long to to anything they *think* they might do will be to late.

we need a RIGHT FRICKING NOW plan. Because maybe our elected idiots have not realized this. NO ONE EXCEPT THE FED IS BUYING OUR WORTHLESS DEBT!

and that shyt can’t go on much longer.

Cut the zar’s dump the alphabet departments and get back to that piece of paper written 200+ years ago for rules on how to precede.


19 posted on 06/27/2011 11:01:11 PM PDT by cableguymn
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To: matthew fuller

[ That’s a strange stance from our most conservative senator. But I still base my decisions and opinions on their voting records. ]

Congress has a spending problem not a taxing problem...
Coburn is starting to act “funny”.. like he will raise THE DEBT LIMIT..

Been watching him closely for a FEW MONTHS.. he seems to be influenced by the dark side of “the force”..
He may not be a “Jedi” any longer.. you know like George Bush.. Rove.. and Crankhammar..


20 posted on 06/27/2011 11:58:02 PM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
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To: Lazlo in PA
"Despite your slur towards me, I am not a Rat troll. My volumes of posts and solid history at FR speaks for itself. Might I suggest not hanging strictly to the ACU ratings and look at what these dude are actually doing and saying"

I take you at your word, and I sincerely apologise.

21 posted on 06/28/2011 1:59:03 AM PDT by matthew fuller (My realistic, updated (06/22/11) dream picks, in order: 1.DeMint 2.Bolton 3.Bachmann 4.Palin)
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To: FourPeas

I’m sure Coburn’s plan will be sound. He is definitely taking the right approach in standing up to Norquist and the ideologues. Conservatism is the negation of ideology.


22 posted on 06/28/2011 2:32:02 AM PDT by Bvrke (Please, America, listen to Texans re. Perry and say no)
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