Though the plan as a whole is highly unlikely to gain a consensus for passage, the work could serve as a menu for congressional leaders trying to cobble together a deficit-reduction plan before the Aug. 2 debt ceiling deadline.
Many Democrats already have dismissed the idea of wringing big savings from Social Security or Medicare if the changes put more of a financial burden the poor or middle class. And many Republicans have ruled out voting for tax changes that result in more revenue for the government.
Coburn is one of the only Republicans who has insisted that cuts and new revenue will be necessary to reverse the long-term trajectory of the nation's debt.
That is the “balanced approach” that Obama has been trying to get Republican congressional leaders to accept, but those GOP leaders have refused to go along.