Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Coburn rejoins Gang of Six, backs $3.7T deficit-reduction plan
The Hill ^ | July 19, 2011 | Alexander Bolton and Erik Wasson

Posted on 07/19/2011 12:33:18 PM PDT by bobsunshine

President Obama joined Democratic and Republican senators Tuesday in offering support for a $3.7 trillion deficit-reduction plan announced Tuesday morning by the five remaining members of the Gang of Six.

Sen. Tom Coburn (R-Okla.), who pulled out of the Gang of Six in May, also rejoined the group and praised the plan as something that could win the 60 votes needed to pass the Senate.

“The plan has moved significantly, and it’s where we need to be — and it’s a start,” Coburn said. “This doesn’t solve our problems, but it creates the way forward where we can solve our problems.”

(snip)

According to an executive summary, the Gang of Six plan would stabilize the debt by 2014 and reduce publicly held debt to 70 percent of gross domestic product by 2021.

It would involve two separate bills, one implementing $500 billion in immediate deficit cuts and another implementing larger reforms. Conrad said that he has held off marking up a budget in committee to use the normal budget process to move the Gang of Six plan.

On entitlements, the plan would fully pay for the Medicare “doc fix” over 10 years, allowing doctors to avoid a drastic cut in Medicare payments under the law which is regularly avoided but never paid for.

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


TOPICS: Extended News; Front Page News; News/Current Events
KEYWORDS: coburn; debtceiling
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-78 next last

1 posted on 07/19/2011 12:33:24 PM PDT by bobsunshine
[ Post Reply | Private Reply | View Replies]

To: bobsunshine

The Congress cannot bind future Congresses to a plan. Just tell me how much you are going to cut NOW. That’s all I want to hear.


2 posted on 07/19/2011 12:36:07 PM PDT by mlo
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine
What in the hell has happened to Tom Coburn???
3 posted on 07/19/2011 12:36:39 PM PDT by Carry_Okie (GunWalker: Arming "a civilian national security force that's just as powerful, just as well funded")
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine
Just listening to michael meds brag about this plan being the best thing since sliced bread and oh what a wonderful president to endorse it.

I don't need to know any more.....
4 posted on 07/19/2011 12:37:26 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Carry_Okie
This morning Coburn put forth a plan to cut almost $10 Trillion and his plan was detailed running close to 600 pages. Now at least that is a start to real cost cutting along with Debt and Deficit reduction.
5 posted on 07/19/2011 12:39:17 PM PDT by Captain Peter Blood
[ Post Reply | Private Reply | To 3 | View Replies]

To: bobsunshine
praised the plan as something that could win the 60 votes needed to pass the Senate.

That's all legislation comes down to anymore. Whether it is the right thing or not is irrelevant.
6 posted on 07/19/2011 12:39:37 PM PDT by mmichaels1970
[ Post Reply | Private Reply | To 1 | View Replies]

To: mlo
The Congress cannot bind future Congresses to a plan. Just tell me how much you are going to cut NOW.

I hope I'm wrong however I read earlier today that it was an immediate 50 billion because the 500 billion is over a ten tear period.

Anything past 2 years you may as well right off because they won't stick to it.....they never do.

7 posted on 07/19/2011 12:40:17 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Carry_Okie

Joined a gang.


8 posted on 07/19/2011 12:40:23 PM PDT by ngat
[ Post Reply | Private Reply | To 3 | View Replies]

To: Captain Peter Blood

Considering that spending has grown over 25% in two years, this represents a cutback in the increase, and no more.


9 posted on 07/19/2011 12:41:12 PM PDT by Carry_Okie (GunWalker: Arming "a civilian national security force that's just as powerful, just as well funded")
[ Post Reply | Private Reply | To 5 | View Replies]

To: bobsunshine
stabilize the debt by 2014 and reduce publicly held debt to 70 percent of gross domestic product by 2021.

Israel is currently at 44% of GDP. Too bad we can't use the Israeli plan.

10 posted on 07/19/2011 12:42:13 PM PDT by houeto
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine

NO DEBT LIMIT INCREASE.. “IS” a temporary balanced budget agreement..


11 posted on 07/19/2011 12:42:57 PM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: houeto

Read my lips: No New Revenues. Republicans sign this, they will be removed from office by their constituents in the primaries: period!


12 posted on 07/19/2011 12:43:56 PM PDT by Outraged At FLA
[ Post Reply | Private Reply | To 10 | View Replies]

To: EGPWS

They are saying the Cut part of the House Cut/Cap/Balance plan is $111 billion for the new fiscal year.


13 posted on 07/19/2011 12:44:24 PM PDT by ngat
[ Post Reply | Private Reply | To 7 | View Replies]

To: bobsunshine

Is anyone else getting the feeling that these various “plans” are being floated out like trial balloons to determine the public’s reaction?

For the last couple weeks, we’ve had rumors of plans coming out of the debt ceiling negotiations. Then over the weekend, we had McConnell’s plan. That must have been received with a resounding thud because today it’s all about the Gang of Six. I wonder what tomorrow’s plan will be?


14 posted on 07/19/2011 12:46:12 PM PDT by Jess79
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine
If you believe there will be a 3.7 trillion deficit reduction I have a bridge to sell. I predict that the rest of this year and in 2012 that we will add 2.5 trillion just in that time frame. King Obama cannot resist building his army of voters and he will spend billions. The market is being played to look like we are moving in the right direction. It is RAT infested.
15 posted on 07/19/2011 12:46:34 PM PDT by Logical me
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine

“This doesn’t solve our problems, but it creates the way forward where we can solve our problems.”

Obviously, Doctor Coburn has forgotten the Hippocratic Oath to do no wrong.


16 posted on 07/19/2011 12:46:37 PM PDT by NTHockey (Rules of engagement #1: Take no prisoners)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine
According to an executive summary, the Gang of Six plan would stabilize the debt by 2014 and reduce publicly held debt to 70 percent of gross domestic product by 2021.

Are those GDP projections the optimistic ones, or the REALISTIC ones? In other words, are they assuming 3-4% growth in GDP each year, or the more likely 1.5%?
17 posted on 07/19/2011 12:47:30 PM PDT by Deo volente (God willing, America will survive this Obamination.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bobsunshine

18 posted on 07/19/2011 12:47:30 PM PDT by Snickering Hound
[ Post Reply | Private Reply | To 1 | View Replies]

To: mlo
Every time I see "deficit reduction' and "ten years' in the same paragraph, I tune out.

UNLESS...

Tax reductions are made in a 4:1 ratio to the contemporary debt ceiling. Four dollars reduction fo ever dollar of increased ceiling concurrently.

Not reduced increases in deficits. Actual dollar amount reductions.
No more smoke and mirrors.

19 posted on 07/19/2011 12:48:04 PM PDT by Publius6961 (My world was lovely, until it was taken over by parasites.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: All

I hope someone will answer the following questions:

1) We’re now $14.2 trillion in debt. How much are they plan on raising it?

2) If they cut the debt by $500 billion wouldn’t that leave us $13.7 Trillion in debt?

3) If they raise $1 Trillion in “revenue” wouldn’t that leave us $12.7 Trillion in debt? So why would the debt limit need to be raised?

4) We supposedly will be out of cash on August 3rd. If the debt limit is raised is China standing there with a check already made out?

5) Couldn’t they charge whatever interest they want? It would be like going to a bank and getting approval for a loan before telling the bank how much you want to borrow and not asking the bank what the interest will be?

Do politicians not understand simple math? Or is it they KNOW most Americans can’t add 2+2?


20 posted on 07/19/2011 12:49:41 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-78 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson