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FBN’s Liz MacDonald breaks down why the Virginia Congressman agreed to give money to cut debt.
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We have a match.
Republican congressman Scott original has actually taken Warren -- up on his challenge to donate his possible money to reduce the deficit.
Have -- business exclusive -- MacDonald has the last time in which the Billy -- details his matching plan and she joins the company now.
Right here and here's Warren Buffett is saying he's saying he's delighted to match congress and Scott retails offer to pay down the deficit.
On he says he's going to do that he plans to send -- is matched to the treasury after April what everyone's cup contributions is then.
And -- news here is initially the GOP chided Warren -- for offering this one to one dollar -- three bucks for Mitch McConnell for hits every buck.
Only to the GOP the GOP chided -- -- saying why including Democrats near -- now get this.
-- -- or Buffett says he doesn't want us for our rivalry between Republicans and and Democrats.
Say the American people would applaud that competition.
Any also as a government spending he's dusting -- and -- spending must drop to twenty to 21% of GDP.
And so all he thing ends soon and that letter that was -- is the news you still say tax revenues.
Must come -- now okay but he's also -- sort of.
And a little -- amount by saying hey you gonna cut spending -- it's Warren Buffett just from a -- you've got to cut spending dramatically to bring down a 21% of GDP yeah that's right -- -- dramatically and he's saying that he's saying soon you have to cut the deficit dramatically and it also attacks just 2009.
New York Times opinion piece that he -- about cutting the deficit.
This all started because of an opinion piece he wrote up last year and then that GOP answered with the White House came up with that some profit tax.
And then the GOP counter with their buffer rule to reduce the deficit by checking off a box on tax returns.
You know two items of news via Scott -- original is put up 50000 is on moaning about that's -- that's -- it OK so that's right match the deficit will be a couple of 100000 dollars because of those two.
But more and I think more importantly.
Warren Buffett is now saying you've got to cut government spending and out -- dramatically and -- -- soon.
It's and that's right that is the news that young.
And this is -- the fund jousting going on right now between Warren Buffett the billionaire and congress because if you took all of Warren Buffett's reported net worth of 47 billion and congress -- salary every year.
That would go to about a tenth of the interest costs on the set so that it is it is it -- -- -- the level of debate.
Warren Buffett is a big support for President Obama.
I don't believe President Obama said anything about -- Joseph budget cuts to bring us down again loan facility that the news that's exactly right Stuart that's important to note and Warren Buffett that does say that in a letter he's saying.
We do agree certainly on the necessity to to quote dramatically reduce the deficit suing to put that -- italics so.
That is the news here that he wants to cut down to.
At least 20% of GDP good -- warm.
Thanks let's show it on show that what --
