Sen. Tom Coburn says U.S. "in trouble," open to talks with Democrats on taxes

Tom Coburn

A conservative Oklahoma senator on Monday said he is open to talking with President Obama and congressional Democrats on their desire to make the very wealthiest Americans pay higher taxes in order to reduce the ballooning U.S. budget deficit.

"Our country's in trouble," Coburn said in a townhall with CBS News taped at the Newseum on Monday. That is "the reason I'll stand up as a conservative Republican, one of the biggest deficit hawks in Congress and say 'I'll negotiate on taxes,'" Coburn said.

The one-hour town hall will air Tuesday morning at 8:00 am ET on "The Early Show."

The U.S. is expected to post a record $1.4 trillion deficit this year, matching the previous record from fiscal year 2009, according to the non-partisan Congressional Budget Office.

President Obama and Republicans in Congress struck a deal last December to extend for two more years the tax cuts that had been set to expire at the end of last year. The compromise allowed for an extension of tax cuts for all income levels that were a signature of President George W. Bush's administration.

Mr. Obama had wanted the tax cuts on the wealthiest earners to expire, effectively raising the rate on the top two percent of taxpayers to rates as high as 39.6 percent. Republicans insisted on the lower rates for all earners.

"The reason our country's at risk is because we think short term, rather than thinking about the future of our country," Coburn said, adding that the main focus for lawmakers in Washington "is short-term political expediency."

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Transcript of the full CBS News Town Hall on "The Early Show"

Watch the full CBS News Town Hall below:

Below, CBS News' Rebecca Jarvis and MoneyWatch.com's Jill Schlesinger speak with the live audience on whether they were satisfied with responses to their questions:

[meshine]

Finally a Republican with vision that is willing to stand up to his fellow Republicans and say lets put America first.

[birdflight]

Basically we are and have been in the mist of many things for many years--only Clinton brought us a surplus of money-WE BETTER HOPE SOMEONE ELSE CAN DO THAT SOON TOO! Otherwise the complete downfall of America --as we know it--will fail to exists!

It is the ROMAN EMPIRE-SLOWLY--BUT QUICKLY GOING UNDER! FROM ALL THE GREED, LUST, WAR, ETC.! SO I HOPE FOR OUR FUTURE GENERATIONS WE CAN MANAGE THINGS BETTER! BUT I DO NOT SEE IT!
THE AGE OF ALL THINGS BRINGS THEM TO AN END AND CHANGE! HOPEFULLY THE ULTIMATE CHANGE WILL BECOME POSITIVE! WE SHALL SEE!
BIRD FLIGHT!

[Danize]

Thank you Senator Coburn, for a breath of fresh air. Inadverantly here though, you touched on one of the main problems with unregulated markets: there is no planning involved, the markets merely grow like mushrooms in the dark. Yes, let the needs of human society take presidence over haphazard economic growth. Let's shed the light of human reason on this process and gain the upper hand. Then, we need not fear economic collapse.

[dodinyc]

Finally a willingness to talk compromise and a voice of reason in Washington.

[jesse2159]

It's still puzzling how the Republicans can drive the country's finances over the ciff then say they have the solution. At this point I'm inclined to let them destroy the nation. Nothing else will stop their helping hand for the wealthy or the destruction of the middle class.

[HeatherinOK]

He hardly deserves a medal for conceding such an obvious point. I suppose he's trying to make up for the whole Ensign thing? Too bad he's such a smug bastard! I doubt he'll negotiate too much.

[karek40]

I am from Oklahoma and a republican, Tom Coburn is part of the problem, he lied about how long he would stay as a senator, he has become part of the establishment. Check the number of bills he has sponsered. He is all hind site mouth and has no solutions.

[tellingthestory]

It would not be in trouble if you would let business make money and stay out of their way, stop spending what you do not have, stop asking the American people to keep paying because you cannot stop your spending.
It is not rocket science. YOU DO NOT GET TO SPEND WHAT YOU DO NOT HAVE.
Tax the people making more than 300,000 if they are not small business owners. If they are and you tax them then you are killing jobs not creating them. All the rest tax at 15 % more than they pay now and eliminate all loop holes and off shore tax shelters.
It is not going to happen because reality is Business does not need America America needs business.

[lsayler1977]

Do you realize the taxes on small business are on the PROFITS and not the gross amount the business made. If a business made $500,000/yr but had $250,000 in expenditures including salaries, then there NET income was only $250,000. Hire more people, pay less in taxes. Simple as that.

[aintfakin]

tax breaks create jobs is biggest dumbest lie of all.
Only a demand for goods and services creates jobs.

[DF68]

"The reason our country's at risk is because we think short term, rather than thinking about the future of our country," Coburn said, adding that the main focus for lawmakers in Washington "is short-term political expediency."

Smartest thing I've heard from a Republican in a long time.

Run with it.