NEW : Obama and Democrats reject the Republican plan as an imbalanced approach that would put the burden of deficit reduction on senior citizens and the poor . Republicans reject warnings of catastrophe without a higher debt ceiling . Conservative senator breaks from his previous pledge of no tax increase . Comment: Coburn is one of six senators in bipartisan talks on deficit reduction .
NEW : Republicans reject warnings of catastrophe without a higher debt ceiling . Conservative senator breaks from his previous pledge of no tax increase . Comment: Coburn is one of six senators in bipartisan talks on deficit reduction .