Gang Of Six Unveils $3.7T Deficit Package, Coburn Returns
Tuesday, July 19, 2011 at 12:59PMSen. Tom Coburn (R-Okla.) has rejoined the Gang of Six voicing his support of the bipartisan group’s $3.7 trillion deficit-reduction package unveiled Tuesday.
“The plan has moved significantly, and it’s where we need to be,” Coburn said. “This doesn’t solve our problems, but it creates the way forward where we can solve our problems.”
Coburn acknowledged that the proposal could win 60 votes in the Senate. The bill, though not yet legislation or made public, would increase tax revenues by $1 trillion, eliminating a number of tax loopholes and special tax breaks. Sen. Kent Conrad (D-N.D.) said that about 74 percent of the plan’s reduction goal would stem from spending cuts, while the remaining quarter would come from increased revenues.
According to reports, Sen. Kent Conrad (D-N.D.) said Coburn decided to return to the Gang of Six after $116 billion in entitlement savings was included in the proposal.
Reader Comments