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6 hours ago
- Yahoo
Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'
More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection." That 2011 quote, from an interview with CNBC's Becky Quick, resurfaced in early June — and this time, it gained traction with one of the world's most influential voices. On June 4, Utah Sen. Mike Lee (R-UT) posted the clip on X and asked, "Would you support this amendment?" Elon Musk didn't hesitate. He reposted it with the words "100%" and "This is the way," signaling full endorsement of Buffett's blunt solution. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. The idea, while simple on its face, taps into longstanding frustration over congressional accountability and ballooning debt. Buffett originally framed the plan as a tongue-in-cheek solution to Washington gridlock, but made it clear he believed politicians would act faster if their jobs were on the line. "I can end the deficit in five minutes," he told Quick at the time. "It's just that simple." Back in 2011, the U.S. deficit hovered just over $1 trillion, about 8.5% of GDP. Today, it's projected to top $1.9 trillion — or roughly 6.7% of GDP. By Buffett's rule, Congress would have long since cleared out. Lee, who reposted the clip on X, seemed to agree — and has hinted at wanting to turn it into real policy. In fact, several of his recent posts call for stricter balanced budget measures and constitutional amendments to force fiscal discipline. But translating Buffett's viral soundbite into actual legislation would require a two-thirds majority in both chambers or a convention of states — a high bar in any political climate. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Musk's endorsement of the idea adds fuel, though. His ability to move public opinion — and occasionally policy discussion — with a single post has made him one of the most unpredictable influencers in politics, even without holding office. The Buffett clip is gaining renewed momentum among fiscal hawks and frustrated taxpayers alike. And while Buffett may have said it half in jest, the message still lands with a punch: if lawmakers were held personally accountable for the budget, the deficit might not be a recurring headline. Buffett and Musk haven't always been aligned. Buffett famously declined to invest in Tesla (NASDAQ:TSLA), favoring Chinese automaker BYD instead. Musk, in turn, has publicly taken jabs at Buffett. "To be totally frank, I'm not his biggest fan," Musk told Joe Rogan on "The Joe Rogan Experience" in 2020. "He does a lot of capital allocation... reads a lot of annual reports... it's pretty boring, really." But on this, they agree. Both men see congressional accountability as key to fixing the deficit—and Musk's viral repost gave Buffett's decade-old solution a jolt of relevance in today's debate. Read Next: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
6 hours ago
- Yahoo
Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'
More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection." That 2011 quote, from an interview with CNBC's Becky Quick, resurfaced in early June — and this time, it gained traction with one of the world's most influential voices. On June 4, Utah Sen. Mike Lee (R-UT) posted the clip on X and asked, "Would you support this amendment?" Elon Musk didn't hesitate. He reposted it with the words "100%" and "This is the way," signaling full endorsement of Buffett's blunt solution. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. The idea, while simple on its face, taps into longstanding frustration over congressional accountability and ballooning debt. Buffett originally framed the plan as a tongue-in-cheek solution to Washington gridlock, but made it clear he believed politicians would act faster if their jobs were on the line. "I can end the deficit in five minutes," he told Quick at the time. "It's just that simple." Back in 2011, the U.S. deficit hovered just over $1 trillion, about 8.5% of GDP. Today, it's projected to top $1.9 trillion — or roughly 6.7% of GDP. By Buffett's rule, Congress would have long since cleared out. Lee, who reposted the clip on X, seemed to agree — and has hinted at wanting to turn it into real policy. In fact, several of his recent posts call for stricter balanced budget measures and constitutional amendments to force fiscal discipline. But translating Buffett's viral soundbite into actual legislation would require a two-thirds majority in both chambers or a convention of states — a high bar in any political climate. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Musk's endorsement of the idea adds fuel, though. His ability to move public opinion — and occasionally policy discussion — with a single post has made him one of the most unpredictable influencers in politics, even without holding office. The Buffett clip is gaining renewed momentum among fiscal hawks and frustrated taxpayers alike. And while Buffett may have said it half in jest, the message still lands with a punch: if lawmakers were held personally accountable for the budget, the deficit might not be a recurring headline. Buffett and Musk haven't always been aligned. Buffett famously declined to invest in Tesla (NASDAQ:TSLA), favoring Chinese automaker BYD instead. Musk, in turn, has publicly taken jabs at Buffett. "To be totally frank, I'm not his biggest fan," Musk told Joe Rogan on "The Joe Rogan Experience" in 2020. "He does a lot of capital allocation... reads a lot of annual reports... it's pretty boring, really." But on this, they agree. Both men see congressional accountability as key to fixing the deficit—and Musk's viral repost gave Buffett's decade-old solution a jolt of relevance in today's debate. Read Next: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Yahoo
Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'
More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection." That 2011 quote, from an interview with CNBC's Becky Quick, resurfaced in early June — and this time, it gained traction with one of the world's most influential voices. On June 4, Utah Sen. Mike Lee (R-UT) posted the clip on X and asked, "Would you support this amendment?" Elon Musk didn't hesitate. He reposted it with the words "100%" and "This is the way," signaling full endorsement of Buffett's blunt solution. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. The idea, while simple on its face, taps into longstanding frustration over congressional accountability and ballooning debt. Buffett originally framed the plan as a tongue-in-cheek solution to Washington gridlock, but made it clear he believed politicians would act faster if their jobs were on the line. "I can end the deficit in five minutes," he told Quick at the time. "It's just that simple." Back in 2011, the U.S. deficit hovered just over $1 trillion, about 8.5% of GDP. Today, it's projected to top $1.9 trillion — or roughly 6.7% of GDP. By Buffett's rule, Congress would have long since cleared out. Lee, who reposted the clip on X, seemed to agree — and has hinted at wanting to turn it into real policy. In fact, several of his recent posts call for stricter balanced budget measures and constitutional amendments to force fiscal discipline. But translating Buffett's viral soundbite into actual legislation would require a two-thirds majority in both chambers or a convention of states — a high bar in any political climate. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Musk's endorsement of the idea adds fuel, though. His ability to move public opinion — and occasionally policy discussion — with a single post has made him one of the most unpredictable influencers in politics, even without holding office. The Buffett clip is gaining renewed momentum among fiscal hawks and frustrated taxpayers alike. And while Buffett may have said it half in jest, the message still lands with a punch: if lawmakers were held personally accountable for the budget, the deficit might not be a recurring headline. Buffett and Musk haven't always been aligned. Buffett famously declined to invest in Tesla (NASDAQ:TSLA), favoring Chinese automaker BYD instead. Musk, in turn, has publicly taken jabs at Buffett. "To be totally frank, I'm not his biggest fan," Musk told Joe Rogan on "The Joe Rogan Experience" in 2020. "He does a lot of capital allocation... reads a lot of annual reports... it's pretty boring, really." But on this, they agree. Both men see congressional accountability as key to fixing the deficit—and Musk's viral repost gave Buffett's decade-old solution a jolt of relevance in today's debate. Read Next: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
