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WASHINGTON (AP) One of the Senate's staunchest budget-cutters unveiled Monday a massive plan to cut the nation's deficit by $9 trillion over the coming decade, including $1 trillion in tax increases opposed by most of his fellow Republicans.
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 proposes $9 trillion deficit cut measure - Yahoo! News
Not by me.Bear in mind, Tom Coburn is one of the most conservative members of the U.S. Senate, but I have no doubt he'll be branded a RINO now.
WASHINGTON (AP) One of the Senate's staunchest budget-cutters unveiled Monday a massive plan to cut the nation's deficit by $9 trillion over the coming decade, including $1 trillion in tax increases opposed by most of his fellow Republicans.
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 proposes $9 trillion deficit cut measure - Yahoo! News
Finally, a real, serious proposal to the debt problem. Of course, it will be DOA because there are too many cuts for the Democrats and too many tax increases for the Republicans, but it's the only proposal I've seen to date that actually addresses the hard choices that the bulk of Congress is too cowardly to make.
Bear in mind, Tom Coburn is one of the most conservative members of the U.S. Senate, but I have no doubt he'll be branded a RINO now.
WASHINGTON (AP) One of the Senate's staunchest budget-cutters unveiled Monday a massive plan to cut the nation's deficit by $9 trillion over the coming decade, including $1 trillion in tax increases opposed by most of his fellow Republicans.
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 proposes $9 trillion deficit cut measure - Yahoo! News
Finally, a real, serious proposal to the debt problem. Of course, it will be DOA because there are too many cuts for the Democrats and too many tax increases for the Republicans, but it's the only proposal I've seen to date that actually addresses the hard choices that the bulk of Congress is too cowardly to make.
Bear in mind, Tom Coburn is one of the most conservative members of the U.S. Senate, but I have no doubt he'll be branded a RINO now.
WASHINGTON (AP) One of the Senate's staunchest budget-cutters unveiled Monday a massive plan to cut the nation's deficit by $9 trillion over the coming decade, including $1 trillion in tax increases opposed by most of his fellow Republicans.
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 proposes $9 trillion deficit cut measure - Yahoo! News
Finally, a real, serious proposal to the debt problem. Of course, it will be DOA because there are too many cuts for the Democrats and too many tax increases for the Republicans, but it's the only proposal I've seen to date that actually addresses the hard choices that the bulk of Congress is too cowardly to make.
Bear in mind, Tom Coburn is one of the most conservative members of the U.S. Senate, but I have no doubt he'll be branded a RINO now.
I can agree with this, except for the student aid cuts.
It'll never happen, though. Neither side's ideologues could accept it.
Apparently, Oklahoma isn't a total shit hole.
I think the cuts in student aid are legitimate if they are targeted cuts. 80% of liberal arts degrees are a complete waste of time and resources. The economic return doesn't justify any sort of federal subsidy - just like most other subsidies.
Apparently, Oklahoma isn't a total shit hole.
I think the cuts in student aid are legitimate if they are targeted cuts. 80% of liberal arts degrees are a complete waste of time and resources. The economic return doesn't justify any sort of federal subsidy - just like most other subsidies.
I can't support anything that makes an education harder to get. There's no downside to a more educated population.
Apparently, Oklahoma isn't a total shit hole.
I think the cuts in student aid are legitimate if they are targeted cuts. 80% of liberal arts degrees are a complete waste of time and resources. The economic return doesn't justify any sort of federal subsidy - just like most other subsidies.
I can't support anything that makes an education harder to get. There's no downside to a more educated population.
An English major that goes to work in the oil patch in a job that someone with a high school education is qualified to perform represents an economic inefficiency of $40,000 or more. Subsidizing everyone who wants to read books for four years and do nothing else has a definite downside. It makes higher education more expensive and the economic and social benefit is negligible.
College seniors who graduated last year owed an average of $24,000 in student loan debt, up 6% from the year before, according to a report from the Project on Student Debt. The data, released on Thursday, is based on an annual analysis of student loan debt at more than 1,000 public and private nonprofit four-year institutions.
For-profit colleges were not included in the report because most don't provide the necessary data. However, students at these schools are typically more likely to borrow -- and in larger amounts -- than students at other institutions, the organization said.
Debt by college: Only 1,065 of the 1,913 public and private nonprofit colleges in the U.S. provided complete student debt data to the Project on Student Debt.
Of those schools, average student loan debt ranged from as little as $3,000 to as much as $61,500; with 72 colleges reporting average debt of more than $35,000.
