The Money Quote

Warren Buffett Tells CNBC: ‘I Could End The Deficit In Five Minutes’ by Colby Hall | 4:14 pm, July 8th, 2011 Universally respected super-rich Midwestern gentleman Warren Buffett recently sat down for an interview with CNBC’s Becky Quick reporting from the all-powerful mogul retreat in Sun Valley, Idaho. Buffett was asked to opine on the current deficit crisis and debt ceiling conversation/quarrel/tantrum currently on the minds of politicians and media types alike, and provided a level-headed and reasonably bi-partisan assessment. No, this will not be the end of the world, he made clear, before echoing some of the words said by President Obama on this issue, asking why are we putting a gun to our heads over this? But the money quote? He could end this in five minutes. Buffet said: “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.” When I hear Buffett boast that he could end the deficit in 5 minutes, I can’t help but think of that 70s game show Name That Tune and shout out loud “End That Deficit!” (And with that the crowd roared its approval.)