Buffett Widens Rift With Republicans by Faulting Tea Party

Warren Buffett, the self-made billionaire and son of a former Republican congressman, has widened the rift with his father’s party by pressing for tax increases on the wealthy and reinforcing ties with President Barack Obama.

Buffett endured scorn from Republicans this month after he called the Tea Party approach to budget talks “insane” and proposed raising $500 billion by taxing the richest Americans. Buffett, chief executive officer of Berkshire Hathaway Inc., was cited as an exemplar by Obama at least three times since July.

“Whenever Buffett says something, you can almost put money on the fact that within the next 48 hours, Obama’s going to use the phrase, ‘My good friend Warren Buffett says blah, blah, blah,’” said David Rolfe, chief investment officer of Berkshire shareholder Wedgewood Partners Inc. “If you’re going to tread into those waters, you need to expect the brickbats.”