Elon Musk, Mike Lee Back Warren Buffett's '5-Minute' Fix For US Deficit Crisis: 'All The Sitting Members Of Congress Are Ineligible For Re-Election' If This Happens

Billionaire Elon Musk and Sen. Mike Lee (R-Utah) have endorsed veteran investor Warren Buffett‘s famous plan to eliminate the mounting U.S. deficit crisis in “five minutes.”

What Happened: An old video of the ‘Oracle of Omaha,’ Buffett, is making rounds on social media where he has been heard saying that he knows how to end the deficit crisis. In the video, Buffett says, “I can end the deficit in five minutes. Just pass a law that says that anytime there’s a deficit of more than 3% of GDP, all the sitting members of Congress are ineligible for re-election.”

Lee shared this Buffett video in an X post and said that he would draft a constitutional amendment “To oust every member of Congress,” when such a deficit metric is breached.

“It's better to disqualify politicians than for an entire nation to suffer under the yoke of inflation,” he said.

Tesla Inc. TSLA co-founder and CEO, Musk, also echoed this sentiment and said, “This is the way,” hinting that he supports the radical move.

In another post, Lee asked his followers if they would support a constitutional amendment rendering all members of Congress ineligible for re-election whenever the federal deficit exceeds 3% of GDP.

Latest Startup Investment Opportunities:

See Also: Bill Ackman Urges End To Fannie Mae, Freddie Mac Conservatorship: Says Will Enable Them To ‘Operate More Successfully And Efficiently’

Why It Matters: Musk has sharply criticized the recent congressional tax cut bill. The White House has rejected the critique, asserting that the bill does not add to the deficit.

“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” said Musk.

The House approved the $3.8 trillion tax-and-spending plan, which President Donald Trump refers to as the “Big, Beautiful Bill.” Although it offers an immediate economic lift with broad tax reductions and increased defense funding, market experts caution about significant long-term fiscal consequences.

Price Action: The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.04% at $596.17, while the QQQ advanced 0.068% to $529.13, according to Benzinga Pro data.

Read Next:

• Debt Ceiling: How The Fed Fuels Washington’s Spending Spree, ‘Ending It Is Probably A Good Thing,’ Says Expert

Photo: Shutterstock