GOP Blog

Buffett: “What Happened With Simpson-Bowles Was An Absolute Tragedy”

On CNBC This Morning, Warren Buffett Said It Was “An Absolute Tragedy” That Simpson-Bowles Was Ignored

CNBC’S BECKY QUICK: “So is that an argument for a tax code that is stripped down the way Simpson and Bowles laid out?”

WARREN BUFFETT:  “Well it – you go back to what, you know, Kemp-Roth and all that that too that they were working on that. I think what happened with Simpson-Bowles was an absolute tragedy. I mean here are two extremely high-grade people. They have somewhat different ideas about government but they’re smart. They’re decent. They’ve got good senses of humor, too. They’re good at working with people. 
They work like a devil for ten months or something like that. They compromise. They bring in people as far apart as Durbin and Coburn to get them to sign on and then they’re totally ignored. I think that’s a travesty.” (CNBC’s “Squawk Box,” 11/12/11)

Buffett: No Super Committee Would Be Necessary If Simpson-Bowles Was Not Ignored

QUICK:  “Why are we starting over with a new congressional committee?”

BUFFETT:  “Because we ignored the last one.” (CNBC’s “Squawk Box,” 11/12/11)

Obama Had Promised To Take His Own Fiscal Commission Seriously

Obama Promised That “Once The Bipartisan Fiscal Commission Finishes Its Work, I Will Spend The Next Year Making The Tough Choices Necessary To Further Reduce Our Deficit And Lower Our Debt.” (President Barack Obama, Remarks At The Cuyahoga Community College West Campus, Parma, OH, 9/8/10)

President Obama’s Budget Did Not Opt For “The Bold, Comprehensive Approach To Reining In The Fast-Growing Federal Debt That His Own Fiscal Commission Has Said Is Needed, Now.” “With the budget he is to unveil Monday, President Obama has not opted for the bold, comprehensive approach to reining in the fast-growing federal debt that his own fiscal commission has said is needed, now.” (Jackie Calmes, “A Cautious Approach Seeking Bipartisan Appeal,” The New York Times2/13/11)

  • After Shelving Their Recommendations, NBC’s Chuck Todd Asked The President “What Was The Point Of The Fiscal Commission?” TODD: “Thank you, Mr. President. Everything you have talked about—tax reform, the entitlement reform, two parties coming together—just happened in December in your fiscal commission. You had a majority consensus to do all this. It’s now been shelved. It seems that you have not taken—I guess my question is what was the point of the fiscal commission?” (President Barack Obama, The President’s News Conference, Washington, D.C., 2/16/11)
  • CNN’s Jessica Yellin: “The president ordered a deficit commission forum. They recommended overhauling entitlements, and then the budget doesn’t touch it. What was the point having a debt commission then?”  (CNN’s “The Situation Room” 2/14/11)

Rep. Steny Hoyer (D-MD): “I Think, In Retrospect, The President Probably Should Have Embraced [Bowles-Simpson].” (KSNV’s “Face To Face,” 8/30/11)

Now Obama Is Again Choosing To Play Politics Rather Than Lead

According To Aides On Both Sides Of The Aisle “The White House Has Played Close To No Role Behind The Scenes” Of The Super Committee. “The White House has played close to no role behind the scenes of the Joint Committee on Deficit Reduction, according to senior House and Senate aides on both sides of the aisle. And that doesn’t appear likely to change, unless Republicans show they are willing to budge on the president’s $447 billion jobs package or on taxing the rich.” (Steven T. Dennis and Meredith Shiner, “White House Says Out Of Deficit Panel,” Roll Call, 11/2/11)

Democratic Aides Said Obama “Has Been Largely Disengaged” And His Deficit Reduction Proposal “Wasn’t Crafted To Get GOP Votes.” “But Democratic aides from the House and Senate told Roll Call this week that the White House has been largely disengaged since offering its deficit reduction package in September — a proposal that even the White House acknowledged at the time wasn’t crafted to get GOP votes.” (Steven T. Dennis and Meredith Shiner, “White House Says Out Of Deficit Panel,” Roll Call, 11/2/11)

  • Aides Say “The White House Believes The Super Committee Is Likely To Fail” So They Don’t Want To Tarnish Their Image By Getting Involved.  “Several aides said the White House believes the super committee is likely to fail to produce a package that shaves at least $1.2 trillion from the deficit. Therefore, it may not be worth their time and could tarnish the president because the GOP would try to pin any failure on him, these aides said.” (Steven T. Dennis and Meredith Shiner, “White House Says Out Of Deficit Panel,” Roll Call, 11/2/11)

“The White House Is Getting Political Mileage From Running Against A ‘Do-Nothing’ Congress, And Obama’s Leverage Could Actually Increase If The Committee Fails To Act.” (Steven T. Dennis and Meredith Shiner, “White House Says Out Of Deficit Panel,” Roll Call, 11/2/11)

  • “Some Democratic Aides Don’t Fault The White House — Sensing That The Campaign Approach Of Bashing The GOP Is Working.” (Steven T. Dennis and Meredith Shiner, “White House Says Out Of Deficit Panel,” Roll Call, 11/2/11)