Senator Tom Coburn (R-OK) joins Newsmakers to discuss the ongoing deficit reduction negotiations. Coburn was a member of the Gang of Six, a bipartisan group of Senators who created an outline earlier this year to cut nearly $4 trillion from the deficit. Senator Coburn has his own plan that cuts $9 trillion over ten years.
Senator Coburn told Newsmakers that if the "super committee" fails to propose cuts, the credit markets will downgrade the U.S. credit rating again, which would cause interest rates to rise, he said.
He also said the $1.2 trillion budget trigger - released if the "super committee" fails - would be "devastating" to defense and domestic programs but is a necessary incentive to ensure Congress reduces the deficit.
Senator Coburn said the "Gang of Six"could put their proposal forward should the "super committee" fail to produce a deficit reduction plan before the November 23rd deadline.
Newsmakers airs Sunday at 10:00 am ET and again at 6:00 pm ET on C‑SPAN.