Sen. Tom Coburn ready to release deficit reduction plan

newsok.com ^ | 26 June 2011 | Chris Casteel

[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.”

[matthew fuller]

"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.

[Bvrke]

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.