Warren Buffett challenges GOP to pay down debt | Arkansas Blog

Wednesday, January 11, 2012

Warren Buffett challenges GOP to pay down debt

Posted By on Wed, Jan 11, 2012 at 4:54 PM

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Love it. Billionaire Warren Buffett tells Time magazine he'll match every dollar contributed by a Republican congressman to pay down the national debt. It's a response to Republicans chiding him over support for increasing tax rates for the rich.

Senator John Thune promptly introduced the “Buffett Rule Act,” an option on tax forms that would allow the rich to donate more in taxes to help pay down the national debt. It was, as Buffett told me for this week’s TIME cover story, “A tax policy only a Republican could come up with.”

Still, he’s willing to take them up on it. “It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,” he says with a chuckle. So, Buffett has pledged to match one for one all such voluntary contributions made by Republican members of Congress. “And, I’ll even go three for one for McConnell.” That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me: “I’m not worried.”

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