Elon Musk backs Warren Buffett's proposal to ‘end the deficit in 5 minutes' as the bold idea gains steam again

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The U.S. government has been running budget deficits for years — consistently spending more than it collects. And while neither party has managed to rein in the red ink, legendary investor Warren Buffett once offered a surprisingly simple fix.
"I could end the deficit in five minutes,' Buffett told CNBC's Becky Quick in a 2011 interview. 'You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.'
Now, that old clip is going viral again — and it's gaining fresh support in high places.
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Utah Senator Mike Lee reposted the video on X, asking the public, 'Would you support this amendment?'
The question sparked a wave of responses, including one from Tesla CEO and X owner Elon Musk, who replied: '100%. This is the way.'
But Lee isn't just crowdsourcing opinions — he's trying to turn the idea into a reality.
'I'm drafting a constitutional amendment to oust every member of Congress whenever inflation exceeds 3%. It's better to disqualify politicians than for an entire nation to suffer under the yoke of inflation,' he wrote on X.
While Lee referenced both inflation and deficits, the logic echoes Buffett's frustration: tying lawmakers' job security to the nation's fiscal health.
Economists have long noted a connection between excessive government spending and inflation. The late Nobel Prize–winning economist Milton Friedman once famously said, 'What produces [inflation] is too much government spending and too much government creation of money and nothing else,' adding, 'Only Washington can create money.'
But enshrining that accountability into law — especially one that threatens every member of Congress with job loss — is a heavy lift.
Buffett's threshold was a deficit of more than 3% of GDP. In fiscal 2024, the U.S. economy generated $28.83 trillion in GDP, while the federal government spent $6.75 trillion and collected $4.92 trillion in revenue. That left a $1.83 trillion deficit — or 6.3% of GDP.
By Buffett's rule, every sitting member of Congress would be out — and many X users were quick to point that out.
'The only problem is that the people we are suggesting be fired are the ones who get to vote on that. And they're never going to vote for their own cancellation,' X user Lorrie Ann wrote. 'This is why we need term limits and why they won't even entertain the idea!'
While the odds of implementing Buffett's fix to solve America's deficit problem are slim, there are plenty of tactics you can use to improve your own fiscal health — and in this case, your vote is the only one that counts.
Here are a few ways to avoid running a deficit — and start building a personal surplus — in 2025 and beyond.
If you want to improve your finances, the first step is understanding where your money goes each month. Track all your expenses for 30 days, then sort them into two categories: necessities — like rent, groceries, utilities and health care — and discretionary spending, such as dining out, entertainment, shopping and hobbies.
This breakdown gives you a clear picture of your spending habits and helps identify areas where you can cut back. But trimming waste isn't just about skipping lattes or takeout.
Even in essential categories, you may be spending more than you need to. The good news? With a bit of research, those costs can often be significantly reduced.
For instance, car insurance is a major recurring expense, and many people overpay without realizing it. According to Forbes, the average cost of full-coverage car insurance is $2,149 per year (or $179 per month).
However, rates can vary widely depending on your state, driving history and vehicle type, and you could be paying more than necessary.
By using OfficialCarInsurance.com, you can easily compare quotes from multiple insurers, such as Progressive, Allstate and GEICO, to ensure you're getting the best deal.
In just two minutes, you could find rates as low as $29 per month.
Meanwhile, home insurance is another major expense where smart shoppers can save big.
With OfficialHomeInsurance, comparing home insurance rates is fast and hassle-free. Just enter a few basic details and the platform will instantly sort through over 200 insurers to find you the best deals available in your area.
You'll be able to review all your offers in one place, and quickly find the coverage you need for the lowest possible cost, saving an average of $482 a year.
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Trimming expenses is one way to create a surplus — but boosting income can be just as powerful. And while asking for a raise doesn't always lead to results, there are ways to earn money without clocking in extra hours. That's where passive income comes in: money that keeps flowing with minimal day-to-day effort.
One of the most popular ways to tap into passive income potential is through real estate.
When you own a rental property, tenants pay you rent each month — providing a steady stream of cash flow. It's also a time-tested hedge against inflation, since both property values and rental income tend to rise along with the cost of living.
Of course, purchasing a property requires significant capital — and finding the right tenant takes time and effort. But thanks to new investment platforms like Arrived, you don't need to own a property outright to gain exposure to real estate.
Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.
The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving positive rental income distributions from your investment.
Another option is Homeshares, which gives accredited investors access to the $35 trillion U.S. home equity market — a space that's historically been the exclusive playground of institutional investors.
With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.
With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.