By Alexander Bolton - 07/17/11 06:31 PM EDT
Sen. Tom Coburn (R-Okla.) said Sunday the federal government can save $1 trillion though tax reform, a proposal that will put him at odds with some GOP colleagues.
Coburn plans to unveil a $9 trillion deficit-reduction package Monday that would give lawmakers a menu of policy options to reduce the deficit.
“We can increase revenues by adjusting the tax code and lowering it,” Coburn said on CBS’s “Face the Nation” Sunday morning. “We can save over $1 trillion doing that.”
Coburn has also proposed cutting $1 trillion from the Defense Department budget over the next decade and more than $500 billion from other government agencies.
“We can save $1 trillion at the Pentagon over the next 10 years — not hard. It’s difficult but it’s not super hard. It’s common sense,” he said.
Coburn favors saving $1 trillion in federal interest payments over the next nine years by curbing the projected growth of Medicare, Medicaid and Social Security.
He said Congress can still provide “what seniors need” and save trillions of dollars.
Coburn will reveal other details of his plan at a press conference scheduled for 2:30 p.m. Monday in the Senate.