Failure of supercommittee gives old debt plans new life

Lawmakers take another look at Bowles-Simpson

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Sen. Tom Coburn, an independent-minded conservative Republican from Oklahoma and Gang of Six member, released his own $9 trillion debt-reduction blueprint in July. The ambitious plan, which he calls “Back in Black,” is designed to balance the budget in 10 years by consolidating government duplication, weeding out waste and eliminating special-interest subsidies.

The plan included $1 trillion in Pentagon cuts and would cut foreign aid to nations profiting by loaning the money back to the U.S.

Mr. Coburn’s proposal, while applauded by many conservatives, has generated little traction on Capitol Hill.

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