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Obama Meets with Bill Gates, Warren Buffet

While some fat cats like to use their money to buy an excess of yachts, Ferraris and mansions, others like to see their fortunes put to good use. <br><br> Billionaires Warren Buffet and Bill Gates have both pledged to donate more than half of their massive wealth to charity and are persuading others to make the same commitment through their promissory group, The Giving Pledge. <br><br> Here Buffet, the chairman of Berkshire Hathaway Inc., and Gates, the chairman of Microsoft Corp., are pictured while flipping over Dairy Queen Blizzard treats at the branch opening in Beijing on Sept. 30, 2010. The popular dessert franchise is owned by Buffet.
FREDERIC J. BROWN/AFP/Getty Images
Here Warren Buffet, the chairman of Berkshire Hathaway Inc., and Bill Gates, the chairman of Microsoft Corp., are pictured while flipping over Dairy Queen Blizzard treats at the branch opening in Beijing on Sept. 30, 2010. The popular dessert franchise is owned by Buffet.
FREDERIC J. BROWN/AFP/Getty Images

President Obama met with billionaires Bill and Melinda Gates and Warren Buffett in the Oval Office this morning, according to the White House.

The president invited the wealthy philanthropists to the White House to discuss the "Giving Pledge," an initiative they launched to encourage rich Americans to donate the majority of their wealth to good causes.

The group also discussed ways to grow the economy and keep America competitive, such as investments in education and investing in sectors with opportunity for growth.

Buffet, the chairman of Berkshire Hathaway Inc., has said the rich should pay more in taxes and that the Bush tax cuts should be allowed to expire for the wealthiest Americans. President Obama has endorsed a plan he cut with congressional Republicans to temporarily extend all of the tax cuts.

Today's meeting comes ahead of a meeting Mr. Obama will have tomorrow with about 20 CEOs, including Intel's Paul Otellini, Google's Eric Schmidt, Comcast's Brian Roberts and PepsiCo's Indra Nooyi.



Stephanie Condon is a political reporter for CBSNews.com. You can read more of her posts here. Follow Hotsheet on Facebook and Twitter.