[MAIL] Warren Buffett has said he expects the US government to increase taxes rather than reduce spending as the country struggles with its mounting national debt.
The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion - an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss's unsettling prediction. Buffett aired his prediction at his hallowed hedge fund's annual shareholder meeting in Omaha, attended by some of the top CEOs in the country.
There, the conglomerate reported its collection of businesses generated some $11.2 billion of operating earnings, up 39 percent from the year before.
Despite those results being a sign of a relatively robust economy, the 93-year-old who is valued at more than $131billion said he believes a federal tax hike is on the horizon. |