Senator Joe Lieberman (I-Conn.) joined with Senator Tom Coburn (R-Okla.) on Tuesday in announcing their plan to reform Medicare before it goes “broke and take[s] our government down with it.” Noting that Medicare beneficiaries take almost three times more out of Medicare than they ever put in, Lieberman is persuaded that the flawed welfare-state program can be reformed.

With substantial increases in premiums and extensions of age of eligibility, Lieberman said their plan would save $600 billion over the next 10 years, and reduce Medicare’s unfunded liability from $85.6 trillion to under $75 trillion. Depending upon income levels, individuals would pay into Medicare at least $12,500 a year, with high income earners paying $22,500 a year. And Medicare’s eligibility age would be pushed out to 67, starting in the year 2025. He noted that there is something in his proposal for everyone to dislike:

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Photo of Joe Lieberman: AP Images