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Warren Buffett: I Could End the Deficit in 5 Minutes

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By Doug Powers  •  July 8, 2011 02:21 PM

**Written by Doug Powers

Billionaire Obama supporter Warren Buffett weighed in about deficit reduction with a hypothetical plan:

“I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

I like it, Mr. Buffett, but you might have more than a little trouble getting both chambers of Congress to pass a law that castrates their power and would ultimately send them looking for private sector work in this economy.

Buffett also added:

“We will pay our debts in the end,” Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., said in a Bloomberg Television interview on “In the Loop” with Betty Liu from an Allen & Co. sponsored conference in Sun Valley, Idaho. “Our credit is good. It’s not like if we don’t pay we can’t pay. We have the right to print our own money. The U.S. is a very special place.”

We also have the right to drive rusty nails into our necks, but that doesn’t make it a good idea.

(h/t The Big Picture by way of My Investing Notebook)

**Written by Doug Powers

Twitter @ThePowersThatBe

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