Berkshire Hathaway Warren Buffett will reportedly host a fundraiser for President Obama, a move that come just days after the president announced a plan including a proposal termed the “Buffet Rule.”
Mr. Buffett will help raise money for Mr. Obama’s re-election effort at a $35,800-a-ticket fundraiser next month in Chicago, an Obama campaign official said on Wednesday. Mr. Buffett will attend an event scheduled for October 27. The fundraiser is slated to take place at a private home on Chicago’s North Shore and is expected to include major donors to Mr. Obama’s 2008 presidential run.
The announcement comes just days after Mr. Obama, speaking from the White House Rose Garden, put forth a plan aimed at reducing the nation’s deficit by more than $2 trillion. Speaking Monday, Mr. Obama called on Congress to enact a law requiring individuals making more than $1 million to pay additional taxes.
“If we don’t act, that burden will ultimately fall on our children’s shoulders. If we don’t act, the growing debt will eventually crowd out everything else, preventing us from investing in things like education, or sustaining programs like Medicare,” Mr. Obama said.
Mr. Obama, who has repeatedly spoken with Mr. Buffett, cited an op-ed by the billionaire investor published last month in which he noted that his tax rate is lower than that of his secretary.
Speaking earlier this week, Mr. Obama said any reform plan put forth by Congress will have to require revenue increases, such as those proposed by Mr. Buffett. House Republicans have vowed to oppose such a measure, asserting that tax increases will hamper economic growth and job creation.
