In preparation for a major speech on the economy, President Barack Obama called billionaire Warren Buffett Monday, Josh Earnest, an administration spokesman said.
Obama called Buffett, chairman and CEO of Berkshire Hathaway, to discuss the state of the economy and measures that might be implemented to encourage investment, Earnest said, Bloomberg News reported. Obama also spoke with Ford Motor Co. Chief Executive Officer Alan Mulally and obtained updates on developments in the automotive and manufacturing sectors of the economy.
“The president and Mr. Buffett discussed the overall outlook on the economy and the reaction to the headwinds we’ve experienced over the last couple of months,” Earnest said. “They talked a little bit about some possible measures that would spur investment and increase economic growth and they also talked about some measures that could address the long term fiscal situation in this country.”
Last week Buffett, an investment mogul said, millionaires and billionaires ought to be taxed more and pay their fair share in helping to reduce the debt and deficit. He opined in a op ed article that, America’s middle class ought not to be the only group bearing this responsibility.
Obama plans to speak on the economy in September after the Labor Day holiday. Many speculate that the president will not only outline plans for bringing down the U.S. deficit, but would propose plans aimed at spurring employment, including cutting the payroll tax paid by employers, an enhanced infrastructure spending program and tax incentives for hiring workers.
