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Yahoo
5 hours ago
- Business
- Yahoo
Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'
More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection." That 2011 quote, from an interview with CNBC's Becky Quick, resurfaced in early June — and this time, it gained traction with one of the world's most influential voices. On June 4, Utah Sen. Mike Lee (R-UT) posted the clip on X and asked, "Would you support this amendment?" Elon Musk didn't hesitate. He reposted it with the words "100%" and "This is the way," signaling full endorsement of Buffett's blunt solution. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. The idea, while simple on its face, taps into longstanding frustration over congressional accountability and ballooning debt. Buffett originally framed the plan as a tongue-in-cheek solution to Washington gridlock, but made it clear he believed politicians would act faster if their jobs were on the line. "I can end the deficit in five minutes," he told Quick at the time. "It's just that simple." Back in 2011, the U.S. deficit hovered just over $1 trillion, about 8.5% of GDP. Today, it's projected to top $1.9 trillion — or roughly 6.7% of GDP. By Buffett's rule, Congress would have long since cleared out. Lee, who reposted the clip on X, seemed to agree — and has hinted at wanting to turn it into real policy. In fact, several of his recent posts call for stricter balanced budget measures and constitutional amendments to force fiscal discipline. But translating Buffett's viral soundbite into actual legislation would require a two-thirds majority in both chambers or a convention of states — a high bar in any political climate. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Musk's endorsement of the idea adds fuel, though. His ability to move public opinion — and occasionally policy discussion — with a single post has made him one of the most unpredictable influencers in politics, even without holding office. The Buffett clip is gaining renewed momentum among fiscal hawks and frustrated taxpayers alike. And while Buffett may have said it half in jest, the message still lands with a punch: if lawmakers were held personally accountable for the budget, the deficit might not be a recurring headline. Buffett and Musk haven't always been aligned. Buffett famously declined to invest in Tesla (NASDAQ:TSLA), favoring Chinese automaker BYD instead. Musk, in turn, has publicly taken jabs at Buffett. "To be totally frank, I'm not his biggest fan," Musk told Joe Rogan on "The Joe Rogan Experience" in 2020. "He does a lot of capital allocation... reads a lot of annual reports... it's pretty boring, really." But on this, they agree. Both men see congressional accountability as key to fixing the deficit—and Musk's viral repost gave Buffett's decade-old solution a jolt of relevance in today's debate. Read Next: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
5 hours ago
- Business
- Yahoo
Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'
More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection." That 2011 quote, from an interview with CNBC's Becky Quick, resurfaced in early June — and this time, it gained traction with one of the world's most influential voices. On June 4, Utah Sen. Mike Lee (R-UT) posted the clip on X and asked, "Would you support this amendment?" Elon Musk didn't hesitate. He reposted it with the words "100%" and "This is the way," signaling full endorsement of Buffett's blunt solution. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. The idea, while simple on its face, taps into longstanding frustration over congressional accountability and ballooning debt. Buffett originally framed the plan as a tongue-in-cheek solution to Washington gridlock, but made it clear he believed politicians would act faster if their jobs were on the line. "I can end the deficit in five minutes," he told Quick at the time. "It's just that simple." Back in 2011, the U.S. deficit hovered just over $1 trillion, about 8.5% of GDP. Today, it's projected to top $1.9 trillion — or roughly 6.7% of GDP. By Buffett's rule, Congress would have long since cleared out. Lee, who reposted the clip on X, seemed to agree — and has hinted at wanting to turn it into real policy. In fact, several of his recent posts call for stricter balanced budget measures and constitutional amendments to force fiscal discipline. But translating Buffett's viral soundbite into actual legislation would require a two-thirds majority in both chambers or a convention of states — a high bar in any political climate. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Musk's endorsement of the idea adds fuel, though. His ability to move public opinion — and occasionally policy discussion — with a single post has made him one of the most unpredictable influencers in politics, even without holding office. The Buffett clip is gaining renewed momentum among fiscal hawks and frustrated taxpayers alike. And while Buffett may have said it half in jest, the message still lands with a punch: if lawmakers were held personally accountable for the budget, the deficit might not be a recurring headline. Buffett and Musk haven't always been aligned. Buffett famously declined to invest in Tesla (NASDAQ:TSLA), favoring Chinese automaker BYD instead. Musk, in turn, has publicly taken jabs at Buffett. "To be totally frank, I'm not his biggest fan," Musk told Joe Rogan on "The Joe Rogan Experience" in 2020. "He does a lot of capital allocation... reads a lot of annual reports... it's pretty boring, really." But on this, they agree. Both men see congressional accountability as key to fixing the deficit—and Musk's viral repost gave Buffett's decade-old solution a jolt of relevance in today's debate. Read Next: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way'
More than a decade ago, Warren Buffett said the national deficit could be solved in just five minutes. His plan? "You just pass a law that says that any time there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection." That 2011 quote, from an interview with CNBC's Becky Quick, resurfaced in early June — and this time, it gained traction with one of the world's most influential voices. On June 4, Utah Sen. Mike Lee (R-UT) posted the clip on X and asked, "Would you support this amendment?" Elon Musk didn't hesitate. He reposted it with the words "100%" and "This is the way," signaling full endorsement of Buffett's blunt solution. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. The idea, while simple on its face, taps into longstanding frustration over congressional accountability and ballooning debt. Buffett originally framed the plan as a tongue-in-cheek solution to Washington gridlock, but made it clear he believed politicians would act faster if their jobs were on the line. "I can end the deficit in five minutes," he told Quick at the time. "It's just that simple." Back in 2011, the U.S. deficit hovered just over $1 trillion, about 8.5% of GDP. Today, it's projected to top $1.9 trillion — or roughly 6.7% of GDP. By Buffett's rule, Congress would have long since cleared out. Lee, who reposted the clip on X, seemed to agree — and has hinted at wanting to turn it into real policy. In fact, several of his recent posts call for stricter balanced budget measures and constitutional amendments to force fiscal discipline. But translating Buffett's viral soundbite into actual legislation would require a two-thirds majority in both chambers or a convention of states — a high bar in any political climate. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Musk's endorsement of the idea adds fuel, though. His ability to move public opinion — and occasionally policy discussion — with a single post has made him one of the most unpredictable influencers in politics, even without holding office. The Buffett clip is gaining renewed momentum among fiscal hawks and frustrated taxpayers alike. And while Buffett may have said it half in jest, the message still lands with a punch: if lawmakers were held personally accountable for the budget, the deficit might not be a recurring headline. Buffett and Musk haven't always been aligned. Buffett famously declined to invest in Tesla (NASDAQ:TSLA), favoring Chinese automaker BYD instead. Musk, in turn, has publicly taken jabs at Buffett. "To be totally frank, I'm not his biggest fan," Musk told Joe Rogan on "The Joe Rogan Experience" in 2020. "He does a lot of capital allocation... reads a lot of annual reports... it's pretty boring, really." But on this, they agree. Both men see congressional accountability as key to fixing the deficit—and Musk's viral repost gave Buffett's decade-old solution a jolt of relevance in today's debate. Read Next: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Backs Warren Buffett's Brutal '5-Minute Deficit Fix' To Ban Congress From Reelection If They Blow the Budget: '100% This Is the Way' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Business
- Yahoo
This Billionaire Tech Investor Regrets Not Buying Bitcoin Everyday, Believes The Asset Can More Than Double In Value
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Billionaire technology investor and Coatue Management CEO Philippe Laffont regrets not buying Bitcoin. Bitcoin is in Laffont's 'Fantastic 40.' It is not the first time Laffont has expressed pro-Bitcoin sentiments. Despite their storied successes, famed investors don't always get it right. 'I wake up every day at three in the morning and I'm like, why am I such an idiot?' Billionaire technology investor and Coatue Management CEO Philippe Laffont told CNBC on Wednesday, expressing regret at not buying Bitcoin. 'What have I been waiting for not being involved in it [Bitcoin]?' Like many sophisticated investors, Bitcoin's volatility turned Laffont off. 'I always thought bitcoin is amazing, but it's double or triple the volatility of the Nasdaq,' he told CNBC. 'Nasdaq is already pretty volatile. Why do I need to deal with this added volatility?' Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . But amid Bitcoin's staying power and continued surge, Laffont now believes he was mistaken. He added that the volatility that initially dissuaded him from investing in the asset now appears to be coming down, citing the asset's reaction to President Donald Trump's April 2 'Liberation Day' tariffs. While the Nasdaq fell over 16% in the days following the news, Bitcoin fell only about 12%. Laffont has added Bitcoin to his 'Fantastic 40,' a list of firms and assets he believes will lead the market by 2030. He predicts the asset's market capitalization could hit $5 trillion by then. The target suggests a 138% upside potential for the asset, which currently boasts a market capitalization of $2.1 trillion. Trending: New to crypto? on Coinbase. Laffont reasons that Bitcoin still has room to grow, citing its size relative to the world's market cap. 'Net worth of the world is, I think, $450 trillion to $500 trillion, equities are, let's say, $120 trillion, gold above and under the ground is $20 trillion. And then Bitcoin is $2 trillion. And I was like, okay, well, $2 trillion – let's say it represents half a percent of the net worth of the world. Could it go to one of two?' he told CNBC. Laffont also said Bitcoin could benefit from de-dollarization. The theory is that U.S. exceptionalism may be ending, paving the way for a future with multiple reserve currencies. Many analysts see Bitcoin benefiting from such a scenario. Despite this optimistic outlook on Bitcoin, Laffont is still yet to commit. 'Do I own it now? Do I own it tomorrow or in a few days? But every day, I do think, 'Why do I not own it?'' Laffont said. 'Sometimes you have to change your mind and you have to say, well, I made a mistake.'Laffont had previously expressed these pro-Bitcoin sentiments on June 12. At the time, he urged proponents to lean towards moderation. 'For those of you that think Bitcoin is going to be important, my recommendation is never make it such a big portion of your portfolio that it becomes the driving factor of the portfolio,' he said at Coinbase's (NASDAQ:COIN) State of Crypto Summit in New York. 'You're going to make way more money by having a smaller position that you can keep for 10 years than the big one that worries you all the time.' Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Image: Shutterstock This article This Billionaire Tech Investor Regrets Not Buying Bitcoin Everyday, Believes The Asset Can More Than Double In Value originally appeared on
Time of India
16 hours ago
- Business
- Time of India
Microsoft layoffs: Tech giant cuts 830 jobs in home state
Microsoft recently announced that it has laid off 9,000 employees. Among the thousands of jobs eliminated, 830 employees in the company's home state of Washington have been impacted. Tired of too many ads? go ad free now These layoffs are part of a broader effort by the tech giant to streamline operations. According to CNBC, a document submitted by Microsoft to Washington employment officials reveals the impact of the layoffs across various departments. Microsoft cuts jobs across gaming, engineering and research departments Within the gaming sector, nearly a dozen game design workers in the state were let go, alongside three audio designers, the report said. The cuts also extended to engineering and research, affecting two mechanical engineers, one optical engineer, and one lab technician. Microsoft Research saw the departure of five individual contributors and one manager. Additionally, the company laid off 10 lawyers and six hardware engineers, the publication reported. Sales and cloud divisions also affected The restructuring also hit Microsoft's sales force, with 16 customer success account management staff, 28 in sales strategy enablement, and five in sales compensation roles based in Washington being let go, the report said, adding that a Washington-based government affairs worker was also included in the reductions. Even the growing cloud services division experienced cuts, with 17 jobs eliminated in cloud solution architecture within the state. This comes as Microsoft's fastest revenue growth continues to be driven by Azure and its other cloud offerings. While CEO has not publicly commented on these latest layoffs, many Microsoft salespeople and video game developers have taken to social media to announce their departures. During an April conference call with analysts, Microsoft CFO Amy Hood had indicated the company's 'focus on cost efficiencies' during the March quarter.
