US Politics Feature: Can a Senator Named Coburn Cut $9 Trillion from the US Government's Debt?

Washington has a notoriously Byzantine manner of getting things done, but if his new subcommittee is ordered to write out new legislation reforming the tax code as part of a super-committee deal, Senator Tom Coburn will wield enormous influence. After all, he has a comprehensive plan ready to go. If that is the scenario that ultimately plays out, it will be fascinating to see the response of special interests, business lobbyists, and advocacy groups --- can they maintain their hold over a Congress newly determined, and chagrined after the nation's credit downgrade, to begin finding a long-term solution to America's debt problem?

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US Politics: A Beginner's Guide to the Plans to Cut Government Spending

On Monday, the Tea Party Caucus held a meeting in Washington to discuss their potential approaches to a forthcoming vote, probably in June, on raising America's debt ceiling. No definite conclusion was reached by the Caucus, but here are the headline numbers, from the President's deficit reduction commission, that illustrate how the the debt burden in in the United States is forcing the political conversation in Washington....

In 2010, Federal Government spending was nearly 24% of the nation's GDP; a level not seen since the days of WWII. To cover this spending, the government raised tax revenues of 15% of GDP. In total, the difference between spending and revenue in 2010 –-- the deficit –-- stood at 9% of the value of all the goods and services produced in the economy, or GDP.

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