Coburn’s Deal: Settle Debt Markets With Rewritten Tax Code, Reform Entitlements


STEVE RATTNER: What is your — a compromise, you want to get a deal done, what do you think is possible here as a final tactic?

TOM COBURN: I think you could create a — what I would recommend doing is create a small package that shows the debt markets, not the american people, the debt markets that we're serious about what we're going to do, that you put a drop-dead date on the tax code like July 31st of next year. You have to reform the code. Got this money and done it by then. Otherwise there's no code. Which means — which is actually better in terms of really creating a more progressive tax code which most of my friends on the left would like to see, and sitting down and talking about here's what has to happen in terms of medicare, medicaid and social security. Most people don't realize, part "d" — I mean social security disability will be out of money in less than two years. Will be out of money in less than two years.