In a rare show of bipartisan concern from two of America’s most influential business figures, Warren Buffett and Elon Musk have both thrown their support behind a sweeping proposal: to bar all sitting members of Congress from seeking reelection if the federal deficit exceeds 3% of U.S. gross domestic product (GDP).

A now-resurfaced video from Warren Buffett that’s been going viral this week caught the attention and support of the world's richest man, Tesla (TSLA) CEO Elon Musk. “I can end the deficit in five minutes,” Warren Buffett said. He continued, “You just pass a law that says that anytime there’s a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection.” 

The proposal, which has ignited debate across Washington and Wall Street, would impose the strictest political consequence yet for runaway government spending. Under its terms, if the annual federal deficit surpasses 3% of GDP, every incumbent in the House and Senate would be ineligible to run for another term in the next election cycle.

Buffett’s Warnings on Fiscal Irresponsibility

Warren Buffett, the legendary investor and outgoing CEO of Berkshire Hathaway (BRK.B) (BRK.A), has long voiced concern about the lack of political accountability for fiscal excess. At his final annual meeting as chief executive in May, Buffett lamented that politicians face no consequences for making costly promises in exchange for votes, and warned that unchecked deficits could lead to rampant inflation and a devalued currency. 

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While Buffett has typically avoided direct political endorsements and ideologies, he does occasionally voice his concerns. Some notable examples include his comments about tariffs at this year's annual shareholder meeting, an old article he wrote on America’s trade deficit, and the newly resurfaced clip on his support for a Congressional reelection ban.

Elon Musk has recently taken a more combative stance, publicly rebuking lawmakers — especially Republicans — for supporting what he called an “outrageous” and “pork-filled” spending bill that he warned would balloon the deficit by trillions. Musk argued that such fiscal irresponsibility “betrayed the American people” and called for those responsible to be “fired” at the ballot box. His endorsement of the proposal to bar reelection for deficit violators aligns with his broader push for radical government efficiency and accountability.

Political Reactions and the Road Ahead

The proposal has drawn sharp reactions from both sides of the aisle. Some lawmakers, including fiscal conservatives like Rep. Thomas Massie and Senator Rand Paul, have echoed Musk’s criticisms and expressed support for stronger measures to rein in spending. 

Despite skepticism from some quarters, the Buffett-Musk proposal has struck a chord with a public weary of both mounting national debt and political gridlock. While such an amendment is highly unlikely to pass, Congressman Mike Lee actually announced on X his plans to draft the amendment. “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,” Lee posted. 

Regardless of the bill failing, it’s certainly drawing more attention to the matter. As more and more Republican representatives dissent from Trump’s “Big Beautiful Bill,” there’s actually a very serious possibility the bill fails, and one that doesn’t balloon the national debt is instead introduced.