Fixing deficit!

Warren Buffett says one law could fix the deficit overnight. Why hasn't Congress passed it? Warren Buffett made the statement during a CNBC interview when asked how he would fix the national deficit. His answer was simple: pass a law that makes all sitting members of Congress ineligible for re-election any time the deficit exceeds 3 percent of GDP. He said the problem would be solved almost immediately because lawmakers would finally have personal consequences for overspending. The quote has resurfaced repeatedly over the years, especially as the deficit has continued to grow. As of 2026, the U.S. federal deficit is estimated at over 6 percent of GDP, more than double the threshold Buffett proposed. Under his rule, every current member of Congress would be ineligible to run again. No version of the proposal has ever been introduced as legislation.