"Even if you do what he wants to do on tax rates, you only affect 7% of the deficit. What we have done is spend ourselves into a hole and we're not going to raise taxes and borrow money and get out of it. So, will I accept a tax increase as a part of a deal to actually solve our problems? Yes, but the president's negotiating with the wrong people. He needs to be negotiating with our bond holders in China, because if we don't put a credible plan on the discussion, ultimately, we all lose," Sen. Tom Coburn (R-Okla.) said on ABC's "This Week" on Sunday.
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