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Detailed text transcripts for TV channel - FOXNEWS - 20110718:16:32:00

Jenna: there are brand new developments in efforts to solve the debt crisis. republican senator tom coburn unveiling a massive deficit reduction plan. he says the package contains rising red ink and revenue. that is the magic angle people are looking for. jim angle with more. reporter: lawmakers of both parties are trying to find spending cuts cuts of 2 to 4 trillion. tom coburn has a plan to reduce deficit spending by $9 trillion. his plan would reduce the size of government 20 to 25% and balance the budget within ten years. here is how he characterizes it. i wouldn t expect it to pass but i would expect people to look at it. we ve spent thousands of hours going through every program in the federal government. we have $9 trillion worth of savings that are achievable ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110718:16:32:00

Republican senator tom coburn unveiling a massive deficit reduction plan. he says the package contains rising red ink and revenue. that is the magic angle people are looking for. jim angle with more. reporter: lawmakers of both parties are trying to find spending cuts cuts of 2 to 4 trillion. tom coburn has a plan to reduce deficit spending by $9 trillion. his plan would reduce the size of government 20 to 25% and balance the budget within ten years. here is how he characterizes it. i wouldn t expect it to pass but i would expect people to look at it. we ve spent thousands of hours going through every program in the federal government. we have $9 trillion worth of savings that are achievable over the next ten years. pick half of them. half of them solve our problem. reporter: now coburn will unveil his plan this afternoon but on a sunday talk show he gave hint what ....

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