Coburn, Warner Confident Deficit Reduction Plan Will be Disliked

Two Senators said today their deficit reduction plan “will tick off a lot of people,” Fox News reports.

Two members of the so-called "gang of six" — a bipartisan group of senators working to craft a long-term spending plan — said Sunday they’re making progress on their proposal, despite concerns expressed last week that the talks could be in trouble.

And, in claiming the plan would take a balanced approach, they predicted Republicans and Democrats alike would despise it.

"Let me assure you, we’re going to make everybody mad," Sen. Mark Warner, D-Va., said.

Tom Coburn (R-OK):

"Nobody is going to like what we come up with," Coburn told "Fox News Sunday." "The left isn’t going to like it and the right isn’t going to like it. And that’s one thing that would be an indicator that is probably the best compromise we’re going to be able to get."

Some things being considered in the proposal:

Coburn did not elaborate on the details of the plan, but Warner offered a few glimpses.

In an interview with CBS’ "Face the Nation," he said "everything has to be on the table."

Warner said the group was working off the proposal from the president’s fiscal commission and would be "touching every part of the problem," including Social Security — something largely excluded from both Ryan’s proposal and Obama’s.

"Part of this is just math — 16 workers for every one retiree 50 years ago, three workers for every retiree now," Warner said.

He also said the tax code needs to be addressed, not necessarily through tax increases but by eliminating deductions. He said the group is looking to impose about $3 in cuts for every $1 in increased revenue.

"Charitable deduction, home mortgage deduction — if we would cut back on some of those, we could actually lower rates and still increase revenues," he said. Warner said the group is "very close" to a deal.

Timing:

The "gang of six" is not expected to have a report until after the two-week spring recess that starts Monday. The other members on that panel are Sens. Dick Durbin, D-Ill.; Saxby Chambliss, R-Ga.; Kent Conrad, D-N.D.; and Michael Crapo, R-Idaho. Conrad threatened last week that if the group doesn’t come up with something soon, he might propose his own budget plan.

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Filed under Budget, Social Security, Sunday Shows, Taxes

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