As the House of Representatives prepares to make a political statement by voting on a balanced budget amendment to the U.S. Constitution Tuesday, the Senate has produced two new deficit reduction plans.
Sen. Tom Coburn (R-OK) today introduced his plan to cut $9 trillion from the federal deficit over 10 years. The plan included $1 trillion in revenue increases from “tax reform.” The other proposal comes from the “Gang Of Five” — which was the “gang of six” until Coburn left the group last month — which will be shared with Senate lawmakers tomorrow, according to POLITICO.
The Coburn proposal would cut billions from every federal agency, including $2.64 trillion from Medicare and Medicaid. While he doesn’t expect it to pass, Coburn is hoping his willingness to agree to cutting corporate loopholes and support for a “big” deal will help end weeks of stagnant negotiations.
We’ll have a summary of the “Gang Of Five” proposal as soon as it’s released.
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