In an interview with George Stephanopoulos on ABC's "Good Morning America" today, Bill Gates threw his support behind President Obama's economic policies, including his plan to levy a new tax on Wall Street banks.
Gates, who recently wrote on his Twitter account that "taxes on an industry are often bad," said that the bloated federal budget, which he called "very, very out of balance," necessitated bold government action, likely including tax increases:
"Without changes in taxes or entitlement policies, it won't get back into balance. Taxes are going to have to go up and entitlements are going to have to be moderated."
He said that while his views typically align with Berkshire Hathaway CEO Warren Buffett, the bank fee is a "rare case" in which his opinion diverged from that of his friend.
"Ninety-nine percent of the time I'll agree with Warren. He's a great guide for me. I think we see it differently."
Gates told Stephanopoulos that "everybody's frustrated by the pace of the recovery," but reiterated his expectation, detailed in his annual letter, that the economy will take "years of digging out." From Gates's letter:
Although the acute financial crisis is over, the economy is still weak, and the world will spend a lot of years undoing the damage, which includes lingering unemployment and huge government deficits and debts at record levels.
Watch the full clip below: