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Thread: Coburn proposes $9 trillion deficit cut measure

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    Coburn proposes $9 trillion deficit cut measure

    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.

    http://news.yahoo.com/coburn-propose...192145582.html



    now I notice a lot of cuts in this proposal and some of them are pretty good , others .. not so much.. but I did notice one glaring omition tha tshould be pointed out.

    no where in Coburns proposal is where congress critters and senators take a cut in anything, not pay, not medical benefits, not perks , not in travel expenses, nada zip, what do you say? should congress make cuts to themselves before they cut out needed programs for the poor, elderly, and veterans?
    The eastern world, it is exploding, violence flaring bullets loading. you are old enough to kill , but not for voting, this whole crazy world is just to frustrating, and you tell me over and over and over again my friend, you don't believe we are on the EVE of DESTRUCTION.


    Never approach a bull from the front, A horse from behind, or a fool from any direction.

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    waltky (11-08-2012)

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    Re: Coburn proposes $9 trillion deficit cut measure

    I was with his plan until you pointed out no cuts for the Congress...certainly if they are calling on others to make sacrifices they should too. I don't necessarily have a problem with raising retirement ages / SS because people are healthier and working longer now, but I think there are plenty of other places to make cuts first. We need to take care of our poor, sick, elderly and vets. Just shake the sofa cushions in the Pentagon with an audit and I bet they'd find enough missing 'change' to pay down a lot of this deficit. The idea that we can't track the money spent on defense is laughable.

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    Re: Coburn proposes $9 trillion deficit cut measure

    Exactly..... plus I will bet if they were to audit these politicans.....we could pull up all that waste and extravanganse in all that they do.

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    Granny says it just keeps gettin' worser an' worser...

    CBO: Corporate Taxes Up 34% in FY12; Individual Taxes Up 4%;Deficit Still Tops $1T
    November 8, 2012 - The Congressional Budget Office officially reported on Wednesday that the federal budget deficit in fiscal 2012 (which ended on Sept. 30) topped a trillion dollars for the fourth straight year even though federal taxes paid by individuals increased by 4 percent during the year and federal income taxes paid by corporation increased by about 34 percent.
    The increase in corporate federal income tax payments was largely due to changes in the tax rules that corporations were required to follow. “The federal government incurred a budget deficit of $1.1 trillion in fiscal year 2012, the fourth consecutive year with a deficit above $1.0 trillion,” said the CBO. “Revenues from all major sources increased in 2012,” CBO reported. “Corporate income taxes accounted for about 40 percent of the increase in total revenues, rising by $61 billion (or 34 percent) and increasing from 1.2 percent to 1.6 percent of GDP. The growth in corporate receipts resulted largely from changes in tax rules in recent years, particularly those that dictate how quickly firms may deduct the cost of their investments in equipment.”

    Individuals also paid more taxes in 2012, according to CBO. “Receipts from individual income taxes grew by $41 billion (or 4 percent), and remained at 7.3 percent of GDP in 2012. More than half of the increase came from withheld taxes, which rose by $27 billion (or3 percent).” At the same time, defense spending declined in 2012. “Defense outlays fell by $19 billion (or 3 percent) in 2012 after rising at an average annual rate of 6 percent over the past five years. Most ($17 billion) of that decline was attributable to the reduction in the number of U.S. Army personnel in Afghanistan and Iraq. Defense spending was 4.2 percent of GDP, down from 4.5 percent in 2011.” At the same time corporate income taxes were increasing by about 34 percent, economic growth was lagging. In the fourth quarter of 2011, real GDP grew at 4.1 percent, according to the Bureau of Economic Analysis. But in the first three quarters of 2012, it grew by 2.0 percent, 1.3 percent and 2.0 percent.

    The national unemployment rate in October was 7.9 percent, according to the Bureau of Labor Statistics. In January 2009, when President Barack Obama was inaugurated to his first term, it was 7.8 percent. When calculated as a share of GDP, the last four fiscal years have seen the four highest deficits since the end of World War II in fiscal 1946. (Prior to 1974, federal fiscal years ran from July 1 to June 30.) “As a share of the nation’s gross domestic product (GDP), the deficit declined—from 8.7 percent in 2011 to 7.0 percent in 2012—but it was still the fourth highest as a share of GDP since 1946,” said CBO.

    Source

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