Congress has a job security problem, at least according to Warren Buffett. The legendary investor once suggested a rule that could make every lawmaker think twice before letting the federal deficit run wild. Tesla and SpaceX CEO Elon Musk liked the idea. But after getting a taste of Washington himself, Musk now has a very different answer to America’s debt crisis. Buffett’s threat to Congress over national debt “I can end the deficit in five minutes,” Berkshire Hathaway’s Warren Buffett said on CNBC’s “Squawk Box” in July 2011. His plan was to make every sitting member of Congress ineligible for reelection whenever the federal deficit exceeded 3% of gross domestic product. More Buffett: Warren Buffett bought this company in 1988 when ‘no one’ wanted it — now it pays Berkshire $848 million a year Forget another budget showdown or a stern warning about America’s credit rating. Buffett wanted lawmakers to have some skin in the game. If they couldn’t keep the deficit below the limit, they couldn’t run again. The proposal was more pointed argument than serious legislative blueprint. Still, the idea had a way of resurfacing whenever Washington’s spending habits made headlines. Musk backed Buffett’s federal deficit solution In June 2025, Sen. Mike Lee (R-Utah) shared Buffett’s proposal on X and asked Musk whether he supported it. Musk replied, “100%. This is the way.” Lee had been discussing a constitutional amendment that would disqualify lawmakers if inflation or the deficit crossed a specified threshold. Musk’s response put his public support behind a proposal that would make fiscal discipline a matter of political survival. There’s just one problem. The deficit has already well exceeded Buffett’s proposed limit. Elon Musk and Warren Buffett have very different approaches when it comes to making money, but they both agree on how to solve the national debt. Kevin Dietsch / Getty Images Washington’s debt keeps growing The federal deficit reached roughly $2 trillion in fiscal 2026, or about 6.2% of GDP. Gross federal debt climbed to around $40.5 trillion in October, according to the U.S. Treasury. By Buffett’s proposed rule, Congress would be in trouble. But turning the idea into law would face major legal and political hurdles, and removing lawmakers wouldn’t automatically resolve the budget choices behind the deficit. More Warren Buffett: Warren Buffett reveals he broke his own investing pattern Warren Buffett has a blunt take on today’s market Warren Buffett pulls no punches on stock market for 2026 Musk now says robots may be the answer Musk’s view has shifted after his stint leading the Department of Government Efficiency, the federal cost-cutting initiative known as DOGE. In an October 2026 podcast interview with biographer Walter Isaacson, Musk said he concluded that the government couldn’t solve the deficit through spending cuts alone. “The only way we’re going to solve the national debt is with AI and robots,” Musk told Isaacson. Musk argued that artificial intelligence and robotics could drive enough economic growth to change the country’s financial outlook. It’s a striking shift from the idea that politicians simply need stronger incentives to control spending. Buffett’s proposal would put lawmakers’ jobs on the line. Musk’s latest argument puts his faith in technology. Neither guarantees a solution. For now, the deficit keeps growing, and Washington still has to decide how to pay its bills. Related: JPMorgan’s CEO just sent a memo to anyone watching the U.S. economy
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