Warren BuffettI could end the deficit in five 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.
About This Quote
I could end the deficit in five 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. This quote is a joke, but it does make an important point about how Congress can change the budget and its role in government. Currently, Congress has the power to approve or disapprove spending bills and to raise or lower taxes.
The president can veto these bills, but he cannot make them law without congressional approval. If every member of Congress were prohibited from running for re-election should or partisan office should they approve or disapprove or raise or lower taxes they would have little impact on the budget.
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More Quotes By Warren Buffett
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