Quote:Warren Buffett has a genius plan to 'end U.S. deficit in 5 minutes'
Warren Buffett has a simple way to stop the increasing debt.
It comes from a clip taken in 2011, when CNBC's Becky Quick asked the billionaire investor what he might do to solve the growing problem. The clip has since resurfaced online.
“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," he said,
"Now you've got the incentives in the right place. So it's capable of being done. ... A more effective threat would be just to say, if you guys can't get it done, we'll get some other guys to get it done."
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