The Hill News

President Obama called billionaire businessman Warren Buffett and “wished him well,” according to the White House on Wednesday.

Buffett, 81, announced Tuesday that he had been diagnosed with stage 1 prostate cancer. He said his condition "is not remotely life-threatening or even debilitating in any meaningful way."

The announcement came the same week that the so-called "Buffett Rule" was defeated in a vote by the Senate. Buffett was the inspiration for the proposal to raise tax rates on the wealthy and legislation introduced in the Senate that Obama threw his weight behind. Buffett famously advocated raising taxes on the “mega-rich,” including himself, and argued that it is wrong for him to pay a lower effective tax rate than his secretary. Obama has touted him as the face of the “paying their fair share” principle.

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