Tech billionaire Elon Musk and Treasury Secretary Scott Bessent have voiced support for a 2011 proposal by Warren Buffett that would make members of Congress ineligible for reelection if the federal deficit exceeds 3% of the gross domestic product.
The plan seeks to address a United States national debt that has surpassed $39 trillion and continues to grow by approximately $7.2 billion every day. Current data shows the 2025 fiscal year deficit reached $1.8 trillion, or roughly 5.9% of the GDP.
The Peterson Foundation projects the national debt could reach the $40 trillion threshold by late October 2026. Additionally, the Committee for a Responsible Federal Budget warned that interest rates on this debt may outpace economic growth by 2031.
The proposal gained renewed attention after Senator Mike Lee shared a clip of Buffett’s original 2011 interview on X, the social media platform owned by Musk. Lee is reportedly drafting a constitutional amendment to codify the accountability framework.
Musk’s involvement follows his leadership in the Department of Government Efficiency, which has identified $110 billion in potential savings. However, this amount remains a small portion of the total annual deficit, according to financial analysts.
Ray Dalio has also cautioned that the current fiscal trajectory represents a structural crisis for the United States. While the U.S. dollar maintains its status as the global reserve currency, Buffett has indicated that this advantage is not necessarily permanent.
