The Oracle of Omaha's latest advice is probably not something President Obama is going to want to hear. Warren Buffett, a longtime Obama supporter, is calling on the president to scrap the Democratic reform efforts and redraw a bill that focuses on controlling cost, which he says the current bills don't do well enough.

Buffett's opinions carry a lot of weight in both the financial and political worlds so expect critics to cite this interview repeatedly. The remarks are a bit of an about-face for Buffett who essentially defended the Senate bill in December saying he would have taken the same vote Sen. Ben Nelson did when the Nebraska Democrat supported the bill.

From his CNBC interview: