Thu, Feb 23, 2012, 9:41 AM EST - U.S. Markets close in 6 hrs 19 mins

'Impressed' and 'Delighted' Warren Buffett Matches GOP Rep's Deficit Donations

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SymbolPriceChange
BRK-B78.93+0.00
BRK-A118,170.00+0.00

Warren Buffett will be writing a check made out to the United States Treasury for just over $49,000 to help pay down the national debt.

He's matching voluntary contributions made this year and last year by Rep. Scott Rigell, a Republican representing Virginia.

In a letter to Rep. Rigell released today by Berkshire Hathaway, Buffett writes he's "particularly impressed that you took this action before my challenge."

[ See also: Why Mitt Romney's Tax Rate Matters  ]

In his challenge, issued in a Time Magazine interview last week, Buffett promises to match voluntary contributions aimed at reducing the deficit by "all Republican members of Congress, and I'll even go three for one with (Senate Minority Leader Mitch) McConnell."

McConnell, and other critics of Buffett's call for higher tax rates on the super-rich, have been suggesting that if Buffett thinks he's not taxed enough then he should "send in a check" to the Treasury.

In his letter to Buffett, also released by Berkshire, Rep. Rigell writes, that he "appreciates" and "gladly accepts" Buffett's "generous offer."

Rigell says he makes it a practice to donate 15 percent of his Congressional salary "to pay down the debt." That amounted to $23,103.33 in 2011 and about $26,100 in 2012.

[ See also: When Will We See the World's First Trillionaire? ]

Rigell adds, "Though we differ on tax policy, as fellow Americans and businessmen I know that we share this common bond: a deep concern over the state and trajectory of our country's finances."

Buffett writes back that he hopes Rigell's action "spurs an intramural rivalry between Republicans and Democrats .. a form of competition between the two parties that the American people would applaud" as a "small step" toward "better cooperation between the two parties."

Buffett will wait until April 20 to write his check to see if anyone else accepts his challenge.

Buffett also invites Rigell to come for a visit if he's "ever traveling near Omaha."

As for Rigell's offer to provide "documentation" of his contributions, Buffett tells him, "Your word is good with me."

Current Berkshire stock prices:

Class B: (NYSE: BRK-B - News)

Class A: (NYSE: BRK-A - News)

Keep up with Warren Buffett on CNBC.com and follow alexcrippen on Twitter.

Email comments to buffettwatch@cnbc.com



More From CNBC

 
  • FRED  •  Woodland, California  •  14 days ago
    Hay Warren, reach into your wallet and pay your office staff what you think they are worth! It's not up to me and my business to finance your enterprise.
  • Suzanne  •  1 month 5 days ago
    Come to think of it, why should Congress be allowed to give themselves a raise? Some neutral party should do that, like say, put it on a ballot for their constituents?
  • Scott  •  Chicago, Illinois  •  1 month 5 days ago
    So if my math is correct, Rigell made $154,000 for 2011 and will make $174,000 in 2012. I guess Congress thinks it's OK to give themselves a 13% raise... ridiculous....
  • James  •  Phoenix, Arizona  •  1 month 5 days ago
    It's an honor to serve this country! These men should be like soldiers on Capitol Hill! That should be their place of duty until their office is done. Put them to work non-stop to earn that hard earned American money! I served this country for over 20 years as a service member; I would do the above and turn down the pay after my term in office to help this country.
  • West Coast  •  1 month 5 days ago
    Did congress just give themselves an 11.5% pay increase? Compare the congressman's 11 and 12 contributions at 15% of their annual salary? Not just this poor guy - BUT who in america received this kind of merit raise????
  • George  •  Greenville, South Carolina  •  1 month 5 days ago
    If I could ask for one thing for this country, it would be for cooperation between the two parties. Forget your differences. Quit trying to make the other guy look bad. Everyone try to pull together to get the country back on track.

    The politics of obstruction is killing this country!
  • Steve and Donna  •  Syracuse, New York  •  1 month 5 days ago
    Long story,short version;
    I just received a $40,000 loan from the Fed. GOV.through our local county gov. The loan program is designed to increase jobs and fund new business.
    It took 3 and 1/2 months to get me the money, the county charged me almost $2,000 off the top! Put a 3rd lien on my already under water home.(I guess so if we fail we will become homeless as well as out of work). They at times were so confused as to what they were doing in the process it was scary.
    Now my point; This local sub section of gov. that is handing out our hard earned federal tax dollars has clearly no idea of what it is doing. It was the most unprofessional loan process I have ever seen. I am sure this was not a fluke. So MORE $ in is not the answer. Smarter more HONEST spending is.
    (imagine if I wrote the long version)?
  • JOHN  •  Philadelphia, Pennsylvania  •  1 month 5 days ago
    Hell, we should reduce the pay of all in congress to $50,000. They don't deserve any more for the mess they have made of this country. They should be happy that we don't ask them to give back all that they have made since they went to congress.........
  • striker  •  Jacksonville, Florida  •  1 month 5 days ago
    How about taxing American multinational products Made in China coming back into the country.
  • Thomas  •  San Diego, California  •  1 month 5 days ago
    Buffett and Rigell putting their money where their mouth is. Too bad the rest of DC can't follow suit. They can stick their mouths where the sun don't shine.
  • WAB  •  1 month 5 days ago
    Rigell is okay in my book... but whats with the rest of them? They can't donate part of thier salaries as well? Most of them are already loaded and are making $150k+ as an elected official.
  • phillip  •  1 month 5 days ago
    Gotta respect someone who puts his money where his mouth is...now lets vote in term limits
  • anonymous  •  1 month 5 days ago
    I hereby invite the federal government to cut spending.
  • Robert  •  Surfside, California  •  1 month 5 days ago
    Why are congressmen getting free benefits, like any federal or state worker? They should pay into like the rest of us poor saps using 401K and paying into my own medical, which I lose if I get fired or lose my job.....
  • Peter  •  Atlanta, Georgia  •  1 month 5 days ago
    Why don't we do a new thing called " Live AID for America " ........ we can get a bunch of rock stars, hold a two day concert, and get live donations over the phone, like any other telethon and raise money for AMERICA ?
  • dancindaughter  •  Phoenix, Arizona  •  1 month 5 days ago
    Now if we could only get 306,122,449 more people to donate $49,000 each the debt would be paid off!
  • try again  •  Milwaukee, Wisconsin  •  22 days ago
    when i do my taxes i have to count my gains from cd's as income i see no reason capital gains should be treated differently. my gains from cd's should be taxed at the same rate as gains from capital gains, NO EXCEPTIONS!!!!!!!!!!!!!!!!!!!!!!!!!!
  • Ugly Truth  •  Butler, Pennsylvania  •  18 days ago
    Idiot
  • Eric  •  1 month 5 days ago
    Meanwhile Apple Corp has 54 BILLION dollars in cash overseas AVOIDING the IRS. People thought GE was bad? LOL! Of course they always ignore Apple especially during Occupy Wall Street protests despite the fact that Apple is the largest corporation in the world. Go figure.
  • Danny M  •  1 month 5 days ago
    good show, instead of complaining do it!
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