I could end the deficit in 5 minutes,” he told CNBC. “You just
pass a law that says that anytime there is a deficit of more
than 3% of GDP, all sitting members of Congress are ineligible
for re-election.
…
The only problem: the people who would have to pass such a law are the same people who would lose their jobs.
From CNBC: UPDATE: An attorney in St. Louis, Jarrad Holst, points out by email that there is a way to enact Buffett’s idea without the cooperation of Congress. Under Article V of the U.S. Constitution, a “Convention for proposing Amendments” is convened when called for by the legislatures of two-thirds of the states. A proposed amendment would then need to be ratified by the legislatures of three-quarters of the states. If that happens, and it is a very, very big if, Buffett’s deficit plan would become the law of the land. That process would, however, take more than five minutes.