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Elon Musk once backed Buffett’s 5-minute fix for national debt: ‘This is the way’
Congress has a job security problem, at least according to Warren Buffett.
The legendary investor once suggested a rule that could make every lawmaker think twice before letting the federal deficit run wild. Tesla and SpaceX CEO Elon Musk liked the idea.
But after getting a taste of Washington himself, Musk now has a very different answer to America’s debt crisis.
Buffett’s threat to Congress over national debt
“I can end the deficit in five minutes,” Berkshire Hathaway’s Warren Buffett said on CNBC’s “Squawk Box” in July 2011.
His plan was to make every sitting member of Congress ineligible for reelection whenever the federal deficit exceeded 3% of gross domestic product.
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Forget another budget showdown or a stern warning about America’s credit rating. Buffett wanted lawmakers to have some skin in the game. If they couldn’t keep the deficit below the limit, they couldn’t run again.
The proposal was more pointed argument than serious legislative blueprint. Still, the idea had a way of resurfacing whenever Washington’s spending habits made headlines.
Musk backed Buffett’s federal deficit solution
In June 2025, Sen. Mike Lee (R-Utah) shared Buffett’s proposal on X and asked Musk whether he supported it. Musk replied, “100%. This is the way.”
Lee had been discussing a constitutional amendment that would disqualify lawmakers if inflation or the deficit crossed a specified threshold. Musk’s response put his public support behind a proposal that would make fiscal discipline a matter of political survival.
There’s just one problem. The deficit has already well exceeded Buffett’s proposed limit.
Elon Musk and Warren Buffett have very different approaches when it comes to making money, but they both agree on how to solve the national debt.Kevin Dietsch / Getty Images
Washington’s debt keeps growing
The federal deficit reached roughly $2 trillion in fiscal 2026, or about 6.2% of GDP. Gross federal debt climbed to around $40.5 trillion in October, according to the U.S. Treasury.
By Buffett’s proposed rule, Congress would be in trouble. But turning the idea into law would face major legal and political hurdles, and removing lawmakers wouldn’t automatically resolve the budget choices behind the deficit.
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Musk now says robots may be the answer
Musk’s view has shifted after his stint leading the Department of Government Efficiency, the federal cost-cutting initiative known as DOGE.
In an October 2026 podcast interview with biographer Walter Isaacson, Musk said he concluded that the government couldn’t solve the deficit through spending cuts alone.
“The only way we’re going to solve the national debt is with AI and robots,” Musk told Isaacson.
Musk argued that artificial intelligence and robotics could drive enough economic growth to change the country’s financial outlook. It’s a striking shift from the idea that politicians simply need stronger incentives to control spending.
Buffett’s proposal would put lawmakers’ jobs on the line. Musk’s latest argument puts his faith in technology.
Neither guarantees a solution. For now, the deficit keeps growing, and Washington still has to decide how to pay its bills.
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Considering a Reverse Mortgage? Here’s What You Can Expect to Pay
Reverse mortgages can be a versatile tool in many retirees’ arsenal, helping to bridge the gap when Social Security and savings aren’t quite enough on their own. A chief benefit of reverse mortgages is that you can avoid the monthly mortgage payments required with other home equity financing options.
That doesn’t mean reverse mortgages are without costs, however. You’ll need to pay some upfront fees, as well as ongoing expenses throughout the life of your loan. But so long as you meet the loan obligations (more on those below), you don’t have to pay back the reverse mortgage balance until you (or your co-borrower) permanently leave the home.
Although full repayment may be a way off, it’s critical to have a clear understanding of all the costs associated with a reverse mortgage so you can accurately weigh how it will affect your overall financial plan. Here’s what you can expect to pay from the application process through the life of the loan.
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Fees to pay before you open your reverse mortgage
Taking out a reverse mortgage requires some due diligence on your and your lender’s part, similar to taking out a traditional mortgage to buy a home. But because a reverse mortgage works differently, there are a few extra costs to consider, too.
Reverse mortgage counseling
Cost: Typically between $125 and $200, depending on the counseling agency
Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage, follow strict guidelines set by the Federal Housing Administration (FHA) to protect lenders and borrowers.
You’ll notice this aspect from the very start, because you’ll need to complete a reverse mortgage counseling session as part of the HECM application process. (The Department of Housing and Urban Development (HUD) has a list of approved counseling agencies.) In the session, you (and any co-borrowers and/or family members who’d like to join) meet privately with a trained counselor who’ll explain exactly how a reverse mortgage works. They can answer questions you have, and even provide some unbiased input on your specific situation.
Although you’ll need to pay this fee on your own at the beginning of the process, don’t stress about it too much. Only nonprofit agencies are approved by HUD to provide counseling, and many receive grant funding to offer free counseling to those with limited financial means..
Reverse mortgage closing costs
Cost: Varies depending on home value but often between 2% and 5% of the loan amount.
A reverse mortgage comes with many closing costs, similar to those tied to other home lending products, like mortgages and home equity loans. With a reverse mortgage, you can choose to pay these charges upfront or have them added into your loan balance. But keep in mind that if you finance the closing costs into your loan, it’ll eat into your approved loan limit and you’ll have less access to money you can borrow later. It can also cause your loan balance to increase faster.
The exact closing costs for a reverse mortgage can vary depending on where you live, the requirements for your loan and the value of your home. Some fees are required as part of the HECM program, like the mortgage insurance, whereas others can be waived by the lender. In general, here’s what you can expect to pay, according to the Consumer Financial Protection Bureau:
Origination fee: Up to $6,000 for HECM loans.
Upfront Mortgage Insurance Premium (MIP): 2% of your principal limit (i.e., the max you can borrow)
Home appraisal: Varies by location but often between $450 and $600 (note that this usually is not rolled into the loan)
Credit report: $50
Flood certification: $20
Document fee: $150
Recording fee: $500
Courier fee: $50
Title insurance: $1,000
Pest inspection: $100
Survey fee: $250
Fees to pay after you take out your reverse mortgage
After you’ve secured a reverse mortgage, you’ll need to prepare for some ongoing expenses, as well.
As with closing costs, you can generally roll these expenses into the loan itself, although this will cause your balance to grow faster, leaving less money available later on. Some expenses aren’t related to your mortgage directly, but they are out-of-pocket costs you’ll need to consider in order to uphold the conditions of your reverse mortgage.
Annual Mortgage Insurance Premium (MIP) (only for HECM loans)
Cost: 0.5% of your outstanding loan balance per year
The longer you stay in your home (a good thing, let’s be clear), the more your loan balance will grow. At some point, it’s even possible that your reverse mortgage balance could grow larger than your home is actually worth if interest accrues faster than your home appreciates. If that happens, you (or your heirs) won’t ever need to worry about paying back more than your home’s actual value because reverse mortgages are non-recourse loans.
That’s because your lender is covered by FHA insurance for the difference between your loan balance and your home’s actual value. That’s why you paid a mortgage insurance premium upfront, and continue to pay it, added to your loan balance. The longer you stay in your home, the greater the odds of your lender needing to use that insurance to cover any gaps between your loan balance and your home’s value.
Interest
Cost: 3.5% to 8.0%
Reverse mortgages also charge interest, which is added to your loan balance. This is a lender-imposed charge, and it’s one of the main reasons why it’s a good idea to shop around for reverse mortgage options before applying. If you choose a lender that charges a lower interest rate, your loan balance will grow at a slower rate over time, leaving more left over later on.
The range above is an example based on averages over the past few years. Your personal rate, though, will depend on the rate environment when you take out the loan, as well as factors like your age, loan type, home value and loan disbursement choice.
Servicing fees
Cost: $30 to $35 per month
While you’re comparing interest rates, you should also check whether a lender charges service fees. Some lenders add these to your loan balance each month. These fees help pay for the lender’s cost of doing business, such as mailing out loan statements and processing cash payments to you.
Payment plan changes
Cost: $20 to change payment plans
You can currently choose between three options for receiving your funds when you establish your reverse mortgage: a lump-sum payment, a line of credit or monthly installment payments. (You can also choose a combination of those methods.) Over time, your situation might change, and you might decide that a different payment method works better for you. If that’s the case, lenders may charge you a small fee of up to $20 to institute this change.
For example, let’s say you’ve been receiving a monthly installment payment, but you recently inherited some money and now no longer need it. You could opt at this point to switch to a line of credit instead, so that you retain the ability to borrow again in the future if needed.
Property taxes, insurance and home maintenance
Cost: Variable
Aside from not having to make monthly mortgage payments, one of the biggest benefits of a reverse mortgage is the option to roll most of your fees into the loan, too. For cash-strapped retirees, that’s a major perk.
But there are some expenses you’ll need to pay as a condition of the loan in order to remain in good standing. It’s wise to have a plan for how to pay these in advance, because if you fall behind, your lender can call the loan due or foreclose on your home. Here are the expenses you’ll need to keep up with:
Property taxes
Homeowners insurance
Flood insurance (if required)
Homeowners association fees
Home maintenance (enough to keep your home in “good repair”)
The cost of these vary greatly based on where you live, but the total can add up. As of 2025, these “hidden” costs of homeownership top $15,000 a year, on average, according to Zillow. The biggest share of that is a bevy of maintenance tasks. Even if you can cut back on some more elective maintenance items, like full-time lawncare, insurance premiums and property taxes typically increase over time, and so you’ll want to be sure you’ve considered how you’ll afford these.
Luckily, if you’ve already had a mortgage before, these are mostly expenses that you’re already used to paying. Plus, these costs ensure that your home remains comfortable and safe for you and whoever else comes next.
If you’re concerned about being able to afford the ongoing property costs, you can choose to use a Life Expectancy Set-Aside, or LESA. With a LESA, there’s a pool of funds from your reverse mortgage proceeds set aside to pay for property and insurance changes through the life of the loan. (Note that borrowers who have limited financial resources may be required to use a LESA to qualify for a reverse mortgage.)
Summary of reverse mortgage fees
Reverse mortgage fees do add to the total cost of the loan. But some fees can be negotiated or waived altogether, and most can be paid directly through the loan proceeds, which minimizes the upfront, out-of-pocket costs tied to a reverse mortgage. As with most financial products, your individual price tag will vary based on your lender and your financial situation.
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Dollar General asserts 20-state FTC lawsuit it’s facing is a farce
Just days after Dollar General agreed to a $1.9 million settlement with New York over allegations that it charged shoppers more than advertised, it is facing a much larger legal challenge.
The discount retailer’s pricing troubles don’t appear to be ending anytime soon, as the allegations this time extend nationwide.
The Federal Trade Commission (FTC), joined by 20 states, has sued Dollar General, accusing the retailer of repeatedly overcharging customers at checkout despite knowing about the pricing discrepancies for years.
The lawsuit, filed on October 26, alleges that customers were routinely charged more than the prices displayed on shelves, on product tags, in weekly advertisements, and in digital promotions.
According to the FTC’s original complaint, the company received at least 29,265 complaints involving advertised prices not being honored between January 2023 and March 2026, spanning all 48 states where Dollar General operates.
The latest lawsuit has put renewed scrutiny on the retailer’s low-price promise to millions of Americans who depend on discount stores for everyday essentials.
FTC and 20 states sue Dollar General over widespread pricing problems
The lawsuit was filed in the U.S. District Court for the Middle District of Tennessee and includes the 20 participating states, including California, Florida, Illinois, Michigan, New Jersey, North Carolina, Ohio, and Tennessee, among others.
Federal and state regulators allege that Dollar General generated millions of dollars through repeated overcharges at thousands of stores while failing to implement adequate safeguards to correct the problem.
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The complaint also cites investigations in which FTC employees made undercover purchases at Dollar General stores in Ohio, Missouri, Pennsylvania, and Maryland between January and April 2026.
According to the complaint, every undercover purchase resulted in multiple products ringing up at higher-than-advertised prices.
At a Cleveland, Ohio, store, investigators found eight overcharged items among 58 purchases, along with five items priced below their advertised amounts. The errors resulted in a net overcharge of $3.25.
At another store in Springfield, Missouri, six of 59 products had incorrect prices, resulting in a net overcharge of $4.07.
The findings were not limited to shelf labels.
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The lawsuit also cites customers who complained that advertised discounts, buy-one-get-one-free offers, and digital promotions were not applied correctly at checkout.
In one example, a Pennsylvania shopper complained that a promotion advertising five two-liter soda bottles for $5 was not honored, with the bottles instead ringing up at $2.95 each.
The complaint alleges that inadequate staffing and failures to replace outdated shelf labels contributed to recurring pricing discrepancies.
Dollar General pushes back against FTC allegations
Dollar General has disputed the allegations and said it intends to defend itself in court.
In an October 26 statement, the company maintained that accurate pricing remains a priority. “Our goal is 100% accuracy between shelf and register prices in every store,” Dollar General said.
The retailer said about the suggestions in the lawsuit, “Nothing could be further from the truth.”
The retailer acknowledged that occasional pricing discrepancies can occur but said employees are instructed to correct them when customers raise concerns.
Dollar General also disputed the FTC’s calculation of potential consumer compensation, arguing that the proposed amount was significantly higher than what could reasonably be attributed to pricing errors.
The company said it cooperated with investigators, providing more than 200,000 documents and 350 gigabytes of data.
It also said it had attempted to negotiate a settlement before the FTC filed the lawsuit.
The agency and participating states are seeking a permanent injunction to prevent future violations, as well as monetary relief and civil penalties.
No settlement amount or consumer refund program has been established in the new federal case.
The allegations have not been decided by a court.
Dollar General recently settled another overcharging investigation
The federal lawsuit comes less than two weeks after Dollar General reached a separate agreement with New York Attorney General Letitia James.
I previously reported that an investigation found that Dollar General repeatedly charged New York customers higher prices than advertised.
Investigators reviewed 913 price-accuracy inspections across 287 locations and found that 43% failed to meet the state’s pricing-accuracy requirements.
In a separate undercover investigation, officials were overcharged on approximately 14% of the items purchased.
Dollar General agreed to a $1.875 million settlement, payable through donations of food and personal-care products to nonprofit Foodlink, along with changes to pricing practices and customer receipts.
The agreement does not provide direct refunds to affected shoppers. Dollar General neither admitted nor denied the state’s findings.
New York is not among the 20 states participating in the new federal lawsuit.
According to the latest FTC complaint, Dollar General has entered into seven settlements with six state enforcement agencies over inaccurate pricing since 2019, paying more than $6 million in penalties.
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The company also previously settled a nationwide consumer class-action lawsuit valued at $15 million.
The escalating legal challenges come as Dollar General continues emphasizing its affordability to Americans struggling with everyday expenses.
According to the FTC complaint, households earning $35,000 or less account for approximately 60% of Dollar General’s revenue. The company also offers around 2,000 products priced at $1 or less.
The latest lawsuit could result in additional pricing reforms and financial relief for consumers if regulators prevail, although no compensation is guaranteed.
For now, shoppers may want to compare shelf prices, weekly promotions, and digital coupons against their checkout receipts.
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T-Mobile introduces phone plans with new rules for customer perks
T-Mobile is launching a new slate of phone plans with an updated customer perk system that it says sets it apart from rivals.
The move comes after it confirmed the retirement of several legacy wireless plans in June and automatically placed some customers affected by the change onto higher-priced alternatives.
On an earnings call in July, the company revealed that it expects an uptick in customer losses and a slowdown in account additions in the third quarter of this year as a result of this change, while reaffirming its focus on delivering value.
“Our strategy is simple, but truly powerful,” said T-Mobile CEO Srini Gopalan on the call. “Give customers the best network, the best value, and the best experience all in one place. That’s how we eliminate trade-offs for our customers, and that’s what truly sets us apart.”
T-Mobile introduces its new T-Mix plans
Amid this strategy, T-Mobile has finally revealed its new T-Mix plans, which allow customers to customize their perks and device promotions, a “first-of-its-kind approach” in the wireless industry, according to a recent press release.
Earlier this month, T-Mobile teased the release of T-Mix at one of its Kansas stores with signage that read “pick what you want” and “change what you want.”
T-Mix comes in three different plan tiers: Standard, More, and Loaded, which start at $55, $75, and $95 for a single line, respectively. The plans officially launch in November.
Standard offers 50 GB of premium data, 480p video streaming, unlimited 3G hotspot, unlimited 2G data in Canada/Mexico, and unlimited texting in over 215 countries and territories (a feature that is included in all tiers).
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T-Mix More has more bandwidth with unlimited premium data, up to 4K UHD video streaming, up to 60GB of high-speed hotspot data, 15GB of high-speed data in Canada/Mexico, and 5GB of high-speed international data (then goes to unlimited at 256 kbps).
The Loaded tier is pretty similar to More; however, it offers up to 250GB of high-speed hotspot data, 30GB of high-speed data in Canada/Mexico, and up to 15GB of high-speed international data.
T-Mobile has introduced its T-Mix plan lineup, which contains a new way for customers to obtain perks.Helen89/Shutterstock
How T-Mobile customers can use “Picks” for perks and wireless benefits
The new T-Mix plans also introduce a new “Picks” system, where customers can use picks to obtain wireless benefits like device promotions, T-Satellite, and optimized video calls, a new feature that gives video calls “prioritized access” to T-Mobile’s network.
They can also be used for a wide range of perks, such as subscriptions to Apple TV, Netflix, Hulu, and DoorDash DashPass. Newer perks include access to Delta SkyMiles, ESPN Unlimited, Google Gemini, YouTube Premium, XBOX Game Pass, and more.
Picks are included in all T-Mix plans, and the amount customers receive to spend on perks and wireless benefits depends on the plan tier and the number of lines.
For instance, Standard offers one pick per line, up to a maximum of four lines. Under the More tier, customers earn two picks for each of their first three lines, and one pick for the fourth line.
Finally, for Loaded, customers get three picks each for lines one through three, but for the fourth line, they get two.
Each customer perk customers want to add to their T-Mix plans costs a certain number of picks. For example, the Netflix Standard with ads perk costs one pick, the Xbox Game Pass Ultimate perk costs three picks, and ESPN Unlimited costs four picks.
“Customers are empowered to change their benefit mix every three months as their needs and preferences change,” T-Mobile said.
“The wireless industry has spent decades telling customers what their plan should be — even though 84% of consumers surveyed want more control over what they pay for,” said Allan Samson, chief marketing officer of T‑Mobile, in the press release.
“One-size-fits-all was simple for the industry, but for customers it turned into one-size-fits-nobody,” he continued. “T-Mix flips that model, giving customers more say in what matters to them and plans that they can change as their lives change. This is another big step in our journey to make wireless value more relevant, more flexible and built around the customer.”
T-Mobile’s new T-Mix plans arrive as consumers rethink wireless value
The new T-Mobile T-Mix plans come at a time when more Americans are seeking value in their wireless plans as prices rise.
Prices for wireless services increased 3.2% year over year in September, according to Consumer Price Index data from the U.S. Bureau of Labor Statistics.
As wireless plans become more expensive, a new survey from Oxio, which was shared with TheStreet, found that 56% of U.S. consumers would consider switching wireless carriers for a lower-priced plan.
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In addition, 38% said they value and actively use the digital services and perks included in their wireless plans, while 26% would prefer a lower monthly bill and the ability to select their own subscriptions.
Bob O’Donnell, a chief analyst at TECHnalysis Research, wrote in a recent Forbes analysis that the timing of T-Mobile’s new T-Mix plans “just makes sense,” given “recent stories about the challenges that many US households are facing when it comes to paying all their bills.
“Getting people excited or even interested in service plans can be a challenge for any telco company, but the concept of offering a customized set of services that people actually care about bundled with your cellular service is bound to be appealing to some people,” wrote O’Donnell.
“Plus, when you consider that, according to research that T-Mo shared, the average US household is spending $219 a month on services similar to the ones being offered (including cellular), it becomes a compelling value story,” he continued.
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How the Senior Tax Deduction Interacts With Your Social Security Income
Anyone can use the standard tax deduction, but older adults now get an extra perk.
Recent temporary changes to the tax code via the One Big Beautiful Bill offer people older than 65 the ability to deduct an additional $6,000. That’s on top of the standard deduction. While up to 85% of Social Security benefits are taxable, the added deduction can help you get lower your taxable income and overall tax bill.
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What the deduction is (and what it doesn’t do)
The deduction is for $6,000 per person from tax years 2025 through 2028, and qualifying couples get to deduct $12,000 each year. That’s on top of the standard deduction, which ultimately reduces how much you pay in taxes.
While the tax deduction can reduce Social Security taxes, you can use it even if you delay Social Security benefits until you turn 70. As long as you are at least 65 years old, you can get an extra $6,000 deduction.
A $6,000 deduction does not reduce your final tax bill by $6,000. That’s what tax credits do, which is why they’re considered more valuable. Still, a $6,000 deduction will reduce your adjusted gross income by that amount for tax purposes. It’s an effortless way to save a few hundred dollars from your annual tax bill.
The deduction does not affect the income thresholds that are used to determine whether your Social Security benefits are taxable. If you qualify, you can claim the senior deduction on Schedule 1-A when you’re doing your taxes whether you claim the standard deduction or itemize.
Income limits for the senior deduction
The $6,000 senior deduction gets a little smaller for every dollar above $75,000 in modified adjusted gross income (MAGI) for a single filer, and $150,000 for a couple filing jointly.
It’s a gradual cliff, with single filers completely ineligible for the $6,000 deduction if their MAGI reaches or exceeds $175,000. The limit is $250,000 in MAGI for couples filing jointly.
How and why to stay up to date on the rule
The current tax code has this rule expiring in 2028 — though that could change if Congress passes legislation that extends it.
You can confirm the current rules on the IRS’s website before filing your taxes. It’s an extra tax break you can count on for now, but it’s a good idea to be attentive in 2027 and 2028 when details about the rule’s future may be established.
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