Characterizing the U.S. economy as "out of the emergency room," Warren Buffett shared his latest worries in a New York Times commentary, suggesting that with the annual deficit expected to rise to about 13 percent of gross domestic product this fiscal year, "we are in uncharted territory." The Berkshire Hathaway CEO went on: "With government expenditures now running 185 percent of receipts, truly major changes in both taxes and outlays will be required." And he called on Congress to "end the rise in the debt-to-GDP ratio and keep our growth in obligations in line with our growth in resources."Buffett concluded: "The dollar's destiny lies with Congress."
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