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Oklahoma Senator Unveils His Budget-Balancing Plan

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Oklahoma Senator Tom Coburn has unveiled his plan to reduce the federal deficit. Oklahoma Senator Tom Coburn has unveiled his plan to reduce the federal deficit.

Staff and Wire Reports

WASHINGTON -- Oklahoma Senator Dr. Tom Coburn held a news conference at the U.S. Capitol Monday afternoon to unveil his $9 trillion deficit reduction plan.

Senator Coburn says his proposal would cut $9 trillion from the deficit over the next 10 years by trimming trillions from government departments and agencies, defense, and entitlements.

Senator Coburn is proposing to gradually raise the age at which people can claim their full Social Security benefits to 70, and cut farm subsidies and the popular Medicare program. He also proposes that some veterans pay more for medical care and prescription drugs.

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.

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.

The senator says his plan would balance the budget within 10 years.

On Sunday, Senator Tom Coburn talked about another plan being proposed by GOP Senate leader Mitch McConnell.

"I think the McConnell plan is more of Washington not taking responsibility, it is a great political plan, it takes the pressure off all of the politicians, but allows us to pass a debt limit without making the hard choices that this country has to make."

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