Obama talks to corporate titans on economy

Obama made the calls from his rented vacation farm house on the well-heeled resort island of Martha's Vineyard off Massachusetts, deputy White House press secretary Josh Earnest said.

The president often cites billionaire Berkshire Hathaway chief Buffett as an example of the well-off category of American who would not mind paying higher taxes to benefit the rest of the country.

"The president and Mr Buffett discussed the overall outlook on the economy and the reaction to the headwinds we've experienced over the last couple of months," Earnest said.

"They talked a little bit about some possible measures that would spur investment and increase economic growth. And they also talked about some measures that could address the long-term fiscal situation in this country."

Obama and Mulally discussed the auto and manufacturing industries and expanding growth, stimulating exports and investment, Earnest said.

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