In this short paper we describe the essential ideas behind a new consistent closure procedure for the calculation of the scaling exponents zeta(n) of the nth order correlation functions in fully developed hydrodynamic turbulence, starting from first principles. The closure procedure is constructed to respect the fundamental rescaling symmetry of the Euler equation, The starting point of the procedure is an infinite hierarchy of coupled equations that are obeyed identically with respect to scaling for any set of scaling exponents zeta(n). This hierarchy was discussed in detail in a recent publication [V.S. L'vov and I. Procaccia, Physica A (1998), in press, chao-dyn/9707015]. The scaling exponents in this set of equations cannot be found from power counting. In this short paper we discuss in detail low order non-trivial closures of this infinite set of equations, and prove that these closures lead to the determination of the scaling exponents from solvability conditions. The equations under consideration after this closure are nonlinear integro-differential equations, reflecting the nonlinearity of the original Navier-Stokes equations. Nevertheless, they have a very special structure such that the determination of the scaling exponents requires a procedure that is very similar to the solution of linens homogeneous equations, in which amplitudes are determined by fitting to the boundary conditions in the space of scales. The renormalization scale that is necessary for any anomalous scaling appears at this point, The Holder inequalities on the scaling exponents select the renormalization scale as the outer scale of turbulence L. (C) 1998 Elsevier Science B.V. All rights reserved.