Oklahoma U.S. Senator Tom Coburn has proposed nearly $9 trillion spending cuts over the coming decade, a proposal that far exceeds any deal proposed thus far.
Mr. Coburn proposed Monday to gradually raise the age at which people can claim their full Social Security benefits to 70, along with a proposal eliminating farm subsidies. The Oklahoma Republican also proposes that some veterans pay more for medical care and prescription drugs.
Mr. Coburm, who was part of a six-panel budget committee, also called for means-testing government programs, including Medicare and other entitlements; eliminating some tax loopholes used by wealthy individuals and corporations; and additional spending cuts.
“Nine trillion dollars is very reasonable,” Mr. Coburn said Monday. “That sounds idiotic to Washington. … It is time to show the American people not only what is possible, but what is necessary.”
Saying the 600-page budget document represented a “bold, necessary and reasonable” move by lawmakers, Mr. Coburn said extreme partisanship is resulting in the current inability of members to reach a deal to raise the nation’s $14.3 debt ceiling and avert default next month.
The proposal comes as President Obama reiterated his call for Congress to reach a deal on raising the nation’s debt ceiling. Mr. Obama issued a veto threat Monday, saying he would veto any proposal including capping federal spending. The president said will veto it if it reaches his desk, the White House said, asserting the legislation would “lead to severe cuts in Medicare and Social Security” and impose unrealistic limits on education spending.
