In other words we do not know what the new settlement he is seeking to negotiate would look like.

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The coverage will continue, he says, but is less concrete on what it will look like.

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"I think if you've spent your life focusing on just how the music you make is going to sound and even how it's going to feel, you're going to get thrown when all these other people start adding what it is that they want it to look like and feel like, " he says.

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Buffett buys companies that are simple to understand, he says, and are within his circle of competence because he wants to have a good idea of what the future business is going to look like.

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"He didn't look like a guy who was thinking, This is what I've been waiting for, to be world famous!"

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When he puts forward his plan or his set of ideas, does he envision that as his idea for what the final compromise should look like, or is this sort of an opening offer?

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If the Republicans quit, refuse to do a deal in the face of what looks like the president being so willing to compromise that he is damaging his reputation with his own party, they will look like ideological hotheads.

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