One of the Senate's most influential fiscal hawks says he is open to a proposal from Sen. Rand Paul (R-Ky.) to cut federal spending by $500 billion. 

Sen. Tom Coburn (R-Okla.) told the conservative National Review Online on Monday that Paul's budget plan, which includes $500 billion worth of spending cuts, isn't out of the question.

"I think we could do it,” Coburn said. “It’s entirely possible.”

Coburn cautioned that he is still reading Paul's plan, but said he likes what he has seen thus far.

“I could give you $350 billion worth of cuts tomorrow that nobody would miss,” Coburn said. “All we’d have to do is get another $150 billion through efficiency.” 

Coburn added that people who think cutting $350 billion in spending cuts is a bad idea are "uninformed."

Coburn's comments came a few days after he signed a letter with 10 other GOP senators calling on the House to cut spending by at least $100 billion this fiscal year. 

Last week, Paul criticized a cost-cutting plan from House Budget Committee Chairman Paul Ryan (R-Wis.) that would cut spending by $32 billion. Paul and other conservatives said Ryan's plan would not make a big enough dent in the federal deficit.