Senator Tom Coburn’s $9,000 Billion Deficit Reduction Plan–Videos

Posted on July 18, 2011. Filed under: Agriculture, American History, Banking, Blogroll, Communications, Economics, Employment, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , |

 

 

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Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

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Segment 3: Senator Tom Coburn’s $9,000 Billion Deficit Reduction Plan–Videos

Sen. Tom Coburn (R-OK) Unveils $9 Trillion Deficit Reduction Plan

“…Today, July 18, 2011, Senator Tom Coburn (R-OK) offered a plan to cut the U.S. deficit by $9 trillion over the next 10 years. The Senator’s plan includes tax reform measures recommended by the President’s own commission on deficit reduction, cuts to defense spending, structural entitlement reform and contains a run-away federal workforce. You might not like this plan, nor the Paul Ryan plan, but it’s at least a plan. Democrats have so far refused to put pen to paper. …”

Sen. Tom Coburn proposes budget plan to cut $9 trillion over next decade

Sen. Coburn Reveals Deficit Reduction Plan

Sen. Coburn: Worst Tax Comes From Government Printing Money

Senator Tom Coburn Tells Me Why He Likes Bloggers

 

“…U.S. Senator Tom Coburn, M.D. (R-OK) today released a new report “Back in Black” that outlines how the federal government can reduce the deficit by $9 trillion over the next ten years and balance the federal budget. The 614-page plan was the result of a thorough and exhaustive review of thousands of federal programs.

“The American people are tired of Washington waiting until the last minute to avoid a crisis, particularly when it is a crisis Washington itself created. The crisis, though, is not the debt limit deadline. The crisis is Congress’ refusal to make hard choices and reduce a debt that has become our greatest national security threat. The plan I am offering today gives Washington 9 trillion reasons to stop making excuses and start solving the problem,” Dr. Coburn said.

“Both parties will no doubt criticize portions of this plan and I welcome that debate. My goal is not to replace the work of the budget committees but to show the American people what is possible and necessary. What is not acceptable, however, is not having a plan and delaying reform until some perfect political moment that will never arrive. The fact is doing nothing is a tax increase, a benefit cut for seniors and the poor, and a betrayal of the core values both parties hold dear,” Dr. Coburn said.

Dr. Coburn’s full report is here. A section by section outline of the report is here. A summary of savings is here. Highlights of the report here. …”

http://coburn.senate.gov/public/index.cfm/pressreleases?ContentRecord_id=1d817708-76ed-4b2b-9cc2-076415409d44

 

Details of Sen. Tom Coburn’s $9 trillion plan to balance the budget released

U.S. Sen. Tom Coburn, R-Muskogee, would change entitlements, end numerous tax loopholes and cut military spending by $1 trillion to balance the federal budget.

“…Would save about $9 trillion over 10 years, including $3 trillion from entitlements, $3 trillion from government departments and agencies, $1 trillion from defense, $1 trillion from ending or modifying tax breaks and deductions, and $1 trillion in interest on the debt.

Would reduce the size of government by 25 percent over 10 years.

Would balance the budget within 10 years.

Read more: http://newsok.com/details-of-sen.-tom-coburns-9-trillion-plan-to-balance-the-budget-released/article/3586676#ixzz1SVt1zave

Coburn proposes $9 trillion deficit cut measure

ANDREW TAYLOR

“…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.” …”

Read more: http://newsok.com/coburn-proposes-9-trillion-deficit-cut-measure/article/feed/277294#ixzz1SVv9PdWz

Read more: http://newsok.com/coburn-proposes-9-trillion-deficit-cut-measure/article/feed/277294#ixzz1SVuTvAOK

 

Finally some adult supervision in the Senate.

In order to come even close to balancing the budget over the next ten years requires spending cuts of over $10,000 billion over the next ten years.

Senator Coburn is the first Senator to even come close to this.

Senator Rand Paul is another Senator who understands the urgency and magnitude of the problem.

That said I would much prefer implementing the FairTax over trying to reform the existing Federal income tax system.

Also, I prefer Paul Ryan’s approach to reforming Medicare by letting consumers purchase their own health insurance plan.

I applaud Senator Coburn’s courage in his Back To Black approach to fiscal responsibility and sanity.

A great first rough draft.

Keep up the good work.

I would like to see the revenues and outlays by fiscal year as broken down in the President’s U.S Budget proposals and the Republican proposals by fiscal year over the entire ten year period.

This should be forthcoming if the proposal is to be taken seriously.

Background Articles and Videos

Tom Coburn on U.S. Debt Limit: Political Capital With Al Hunt

Sen. Lieberman, Coburn Spell Out Their Plan to Save $600B

Senator Coburn “The President Submits A Budget To The Senate & No One Agrees To Vote For It!” pt.1

Senator Coburn “The President Submits A Budget To The Senate & No One Agrees To Vote For It!” pt.2

Dr. Coburn addressing underlying problems with the food safety bill

Related Posts On Pronk Palisades

Senator Tom Coburn–A Real Conservative and An Excellent Vice-President Candidate

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