Woods Mazzulla Investing | Warren Buffet explains why he’s not worried about the fiscal cliff | WAM Property Management
“But Warren Buffett, the Oracle of Omaha, told CNN that he does not think the U.S. will go into a recession. He also thinks president Obama is right in trying to raise $1.6-trillion in revenue:
‘We need $1.6 trillion. We need to get our revenue up to about 19 percent of GDP, and we need to get our expenses down to 21 or 21.5 percent of GDP. Everyone knows that. So it’s going to take significant action on both sides. And $1.6 trillion happens to be 1 percent of GDP, we’ll need that much revenue, and we’ll need to cut expenditures significantly too.
…If we go past January 1st, I don’t now if it will be January 10th, or February 1st, but we’re not going to permanently cripple ourselves because 535 people can’t get along.'”
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(Source: Financial Post: November 15, 2012).
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