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Old 07-18-2011, 08:25 PM  
Saul Good Saul Good is offline
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Coburn proposes $9 trillion deficit cut measure

WASHINGTON (AP) One of the Senate's staunchest budget-cutters unveiled Monday a massive plan to cut the nation's deficit by $9 trillion over the coming decade, including $1 trillion in tax increases opposed by most of his fellow Republicans.

The plan by Sen. Tom Coburn, R-Okla., is laced with politically perilous proposals like raising to 70 the age at which people can claim their full Social Security benefits. It would cut farm subsidies, Medicare, student aid, housing subsidies for the poor, and funding for community development grants. Coburn even takes on the powerful veterans' lobby by proposing that some veterans pay more for medical care and prescription drugs.

Coburn would also eliminate $1 trillion in tax breaks over the coming decade, earning him an immediate rebuke from Americans for Tax Reform, an anti-tax organization with which Coburn has had a running feud. He would block taxpayers from claiming the mortgage interest deduction on second homes and limit it to homes worth $500,000. He would also ease taxpayers into higher tax brackets more quickly by using a smaller measure of inflation to adjust the brackets.

Coburn was a member of President Barack Obama's fiscal commission and voted for its plan to cut the budget by about $4 trillion over a decade. He recently dropped out of the closely watched "Gang of Six" senators seeking a bipartisan agreement to rein in deficits and break through the partisanship engulfing official Washington over the deficit.

His re-entry into the deficit debate comes as Obama and lawmakers struggle over increasing the so-called debt limit and avoid a first-ever default on U.S. obligations.

Coburn's $9 trillion savings figure doesn't include another $2.4 trillion in cuts to Social Security that are funneled back into the program. In addition to raising the retirement age gradually, he would peg future benefits to a less-generous measure of inflation and curb benefit increases even more for the top 40 percent of earners.

Cuts to the Medicare program for the elderly and the Medicaid health plan for the poor and disabled would total $2.6 trillion over 10 years, far more than proposed by the fiscal commission or House Republicans. He proposes raising the Medicare retirement age to 67 by 2027 and then gradually increasing it until the retirement age hits 69 in 2080. It would also raise Medicare premiums for doctor visits so that premiums pay 35 percent of such costs instead of the 25 percent currently covered.

Coburn would cut $1 trillion from the Pentagon budget over a decade. He would block military retirees from the Tricare Prime health care plan, the option with the lowest out-of-pocket cost, saving $115 billion, and he would raise the prescription drug copayment under the program, as well as require higher out-of-pocket fees. He also would reduce the fleet of aircraft carriers from 11 to 10 and Navy air wings from 10 to nine.

"I have no doubt that both parties will criticize portions of this plan, and I welcome that debate," Coburn told reporters. "But it's not a legitimate criticism until you have a plan of your own."

http://news.yahoo.com/coburn-propose...192145582.html
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Old 07-18-2011, 08:26 PM   #2
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From what I've read so far, I can live with this.
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Old 07-18-2011, 08:40 PM   #3
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So his $9T comes from $8T in cuts and $1T in higher taxes?
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Old 07-18-2011, 08:50 PM   #4
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If we're going to get serious about getting our financial house in order this is the kind of talk we should be having. Cutting 2 or 4 trillion over 10 years is just a freaking joke.
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Old 07-18-2011, 09:07 PM   #5
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I can go for 1tril in tax hikes for 8tril in cuts
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Old 07-18-2011, 09:09 PM   #6
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Old 07-19-2011, 03:00 AM   #7
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Originally Posted by 2bikemike View Post
If we're going to get serious about getting our financial house in order this is the kind of talk we should be having. Cutting 2 or 4 trillion over 10 years is just a freaking joke.
Exactly. The way I see it not only do we have to eliminate budget deficits, but at some point we have to work on paying down the huge debt that our government has racked up. It will take a combination of painful spending cuts as well as tax revenue increases to even make a dent. And, yes, 4 trillion over 10 years is indeed a joke when our nation is over 14 trillion in debt and the interest payment alone is around 300 billion IIRC.
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Old 07-19-2011, 03:30 AM   #8
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Only problem I have with his proposal.

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He would block military retirees from the Tricare Prime health care plan, the option with the lowest out-of-pocket cost, saving $115 billion, and he would raise the prescription drug copayment under the program, as well as require higher out-of-pocket fees.
I'd rather cut off the politicians rather generous benefits package than someone who has served atleast 20yrs in military.
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Old 07-19-2011, 03:36 AM   #9
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Originally Posted by RubberSponge View Post
Only problem I have with his proposal.



I'd rather cut off the politicians rather generous benefits package than someone who has served atleast 20yrs in military.
Like still getting benefits once they are voted out?
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Old 07-19-2011, 03:50 AM   #10
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Originally Posted by RubberSponge View Post
Only problem I have with his proposal.



I'd rather cut off the politicians rather generous benefits package than someone who has served atleast 20yrs in military.
Not nearly enough cuts on military personnel, I think what every levels other entitlements get cut back theirs should match. Maybe exempt 40 year veterans.
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Old 07-19-2011, 03:53 AM   #11
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Like still getting benefits once they are voted out?
Make them pay for a larger portion of their healthcare. No more pension. No more pay increases until they can balance the budget.
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Old 07-19-2011, 04:02 AM   #12
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Not nearly enough cuts on military personnel, I think what every levels other entitlements get cut back theirs should match. Maybe exempt 40 year veterans.
40yr veterans are a anomaly. Almost Bigfoot-esque in a way. 20yrs serving your country is enough to earn the best benefits this country offers. Think how many guys right now serving, have served in Desert Storm, Iraq and Afghanistan, and whatever other shitty deployments they may have gone on in the meantime. 3 wars is enough to prove their worth.

I have no problem with the Govt. picking a base % and cutting everyone the exact same though.
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Old 07-19-2011, 04:42 AM   #13
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Someone made a good point on the talking heads shows today about this proposal and put it into a pretty easy-to-grasp point-of-view for everyone who thinks cutting government 20-25% is an impossible feat. If it is okay for Obama to increase the amount of discretionary spending by 20-25% in 2 years then why is it such a huge leap to roll government back to the pre-Obama levels by cutting the same amount?
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Old 07-19-2011, 05:30 AM   #14
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Another plan proposed by the Republicans....have we seen any plan on "paper" by Obama or the dems ?
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Old 07-19-2011, 07:26 AM   #15
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I think this kind of blockbuster, pisses everybody off plan, is exactly what we need but is likely DOA because our politicians have no guts at all to do what's right. They're too busy pandering to their constituencies.

FTR, this includes Republicans and their absurd "not a single penny of new taxes no matter what" stance.
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