President Barack Obama called billionaire Warren Buffett on Monday as he prepared a speech to lay out initiatives aimed at boosting job creation and economic growth, Josh Earnest, an administration spokesman, said.

Obama called the chairman and chief executive officer of Berkshire Hathaway Inc., who has served as an informal adviser to the president, to discuss the state of the economy and measures that could be taken to encourage investment, Earnest said. The president also talked with Ford Motor Co. Chief Executive Officer Alan Mulally about developments in the automotive and manufacturing sectors of the economy.

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