WASHINGTON (TNND) — Warren Buffett, the CEO of Berkshire Hathaway and a renowned investor, told an audience at the company's annual shareholder meeting that the United States couldn't continue down its current fiscal path.

We're operating at a fiscal deficit now that is unsustainable over a very long period of time," Buffett said Sunday.

A deficit occurs when a country's spending exceeds the country's revenue over the fiscal year. The United States has spent $1.3 trillion more than it took in the past year, an increase of $242 billion over the year before.

Buffett also addressed the controversial efforts of the Department of Government Efficiency, which has faced challenges due to its abrupt actions, including reductions in the federal workforce and the number of agencies. Despite the controversy, Buffett acknowledged the necessity of DOGE's work.

I think that it's it's a job I don't want, but it's a job I think should be done and Congress does not seem good at doing it," he said to applause in the room.

DOGE claims to have saved taxpayers $165 billion, but Congress faces a complex task in incorporating these cuts into the next budget. Some House members aim to reduce spending by at least $1.5 trillion to fund tax cut extensions and other programs, leading to anticipated debates over the final budget numbers. There are also questions about whether a slim Republican majority in both the House and the Senate will be able to reach a consensus.

John Hart, CEO of Open the Books, spoke with "Full Measure" correspondent Scott Thuman and highlighted inefficiencies in government spending, citing examples such as $20 million on lobster tails and $200 million on furniture at the Pentagon.

"Because of the way the budget rules work, if they don’t empty their accounts, their coffers, they’re worried they’re going to get their spending cut...great nations don't stay great very long when they do that," Hart said.

Nearly 15 years ago, Buffett proposed a solution to the deficit issue, suggesting that if the deficit exceeded 3% of GDP, sitting members of Congress would be ineligible for re-election. Obviously, the proposal was never implemented and likely never will be, but Buffett's point was that higher stakes for Congress might lead to more prudent fiscal management, something he and many other analysts believe the country needs.

Buffett also announced that he wants to retire at the end of the year, telling the audience he will recommend to Berkshire Hathaway's board that Greg Abel should become CEO.