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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
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To: Outraged At FLA
Read my lips: No New Revenues.

Couldn't agree more.

21 posted on 07/19/2011 12:50:00 PM PDT by houeto
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To: Captain Peter Blood
Now at least that is a start to real cost cutting along with Debt and Deficit reduction.

Only a fool would believe that.

The only budget cuts that are valid are those contained in any current year budget.

To repeat, the only budget cuts that are valid are those contained in any current year budget.

One of the keys to lessening the power of the arrogant elitists in DC is the repeal of the 17th Amendment.

22 posted on 07/19/2011 12:50:59 PM PDT by sand88 (Sarah Palin announces her run: August 12, 2011 11:10am ET)
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To: Jess79

Or to try to spook the herd and start a stampede. And with the gutless wonders we’ve got up on the Hill, it wouldn’t be hard.


23 posted on 07/19/2011 12:52:39 PM PDT by mewzilla (Forget a third party. We need a second one.)
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To: bobsunshine

Coburn would fund elimination of the Alternative Minimum Tax paid for by wealthy California and New York Democrats by raising taxes on the middle class and upper middle class by eliminating the home mortgage deduction and even reduce what we can save for our retirement.

Coburn has now assumed the classification of Devil in my book.


24 posted on 07/19/2011 12:52:48 PM PDT by LowTaxesEqualsProsperity
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To: Terry Mross

The GOP thinks it is open season on their feet.


25 posted on 07/19/2011 12:53:53 PM PDT by screaminsunshine (Socialism...Easier said than done.)
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To: Captain Peter Blood

And what, did he back his own plan for almost a whole hour?


26 posted on 07/19/2011 12:55:44 PM PDT by 9YearLurker
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To: bobsunshine
"“This doesn’t solve our problems,

Then why vote for it?
27 posted on 07/19/2011 12:56:05 PM PDT by mrmeyer ("When brute force is on the march, compromise is the red carpet." Ayn Rand)
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To: Carry_Okie
What in the hell has happened to Tom Coburn???

Washington DC has happened to him. He was once a staunch conservative who has been moving more to the left the longer he stays in the inside-the-beltway echo chamber.

28 posted on 07/19/2011 12:58:09 PM PDT by apillar
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To: ngat

cut should not be capitalized.


29 posted on 07/19/2011 12:58:47 PM PDT by DManA
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To: Carry_Okie
Nothing. Coburn turned traitor on a number of issues in the past. I can't recall specifics. Cap and Trade? Amnesty for illegals?

If the GOP hands Obama a victory on the budget issue and doesn't block any increases in taxes, he will use this as a lever against us in 2012. Obama is a consummate politician and slickster. Most of the GOP characters facing him in congress are putty in his hands.

Look at that bill to stop the idiotic Light Bulb mandate. Where did THAT go? If they couldn't succeed in preventing the Government from mandating highly expensive, DANGEROUS light bulbs, which would HAVE to be manufactured in China due to the high degree of hand labor involved, WHAT GOOD are they?

We need MORE Tea Party candidates in Congress. Coburn and McConnell should be targeted and politically destroyed by the Tea Party.

30 posted on 07/19/2011 1:00:01 PM PDT by ZULU (Lindsey Graham is a nanometrical pustule of pusillanimous putrescence)
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To: apillar

What happened to him?

$$$$$$$$$$
blackmail

both?


31 posted on 07/19/2011 1:01:53 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: bobsunshine

These three are either frauds, idiots or damned fools. This proposal will help continue our economic destruction.


32 posted on 07/19/2011 1:02:45 PM PDT by alstewartfan ("I'll just go back to the dream I was having, before love went astray." Al Stewart)
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33 posted on 07/19/2011 1:03:46 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: alstewartfan

Colburn = GOP = Gutless Old Pussy


34 posted on 07/19/2011 1:04:42 PM PDT by Outraged At FLA
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To: bobsunshine
I think the good news in all of this is that the debt will only be 20 Trillion dollars in 2016.

We. Are. Doomed.

35 posted on 07/19/2011 1:07:18 PM PDT by Drill Thrawl (No one is more against progress than a progressive.)
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To: bobsunshine

“It would involve two separate bills, one implementing $500 billion in immediate deficit cuts and another implementing larger reforms.”

The only reason for 2 separate bills is because there will be no real cuts and there will be no real “reforms”.


36 posted on 07/19/2011 1:07:24 PM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: bobsunshine

37 posted on 07/19/2011 1:08:09 PM PDT by Brandonmark (2012: Our Hope IS Change!)
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To: Outraged At FLA

I had always thought that Coburn was one of our best; now Washington has turned him into a national disgrace. How in the hell can he support the bankrupting of generations? This deal sucks, and you don’t need to be a doctor like Coburn to see that the patient will soon be a corpse. Bob


38 posted on 07/19/2011 1:08:46 PM PDT by alstewartfan ("I'll just go back to the dream I was having, before love went astray." Al Stewart)
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To: Deo volente

This congress has no say over what the next five congresses do. They’ve just got bolder in pushing the shell game farther out into the future.


39 posted on 07/19/2011 1:09:17 PM PDT by 9YearLurker
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To: Terry Mross
We’re now $14.2 trillion in debt.

The U.S. National debt stands, at this very minute, at $14,515,520,000,000. (and rising by the second)

40 posted on 07/19/2011 1:12:05 PM PDT by houeto
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