There's a good chance your email inbox or Facebook news feed has recently been spammed with a chain letter that contains a novel idea attributed to Berkshire Hathaway billionaire Warren Buffett to eliminate the deficit.

To wit: Make a Constitutional amendment that would make all members of Congress ineligible for re-election if the deficit exceeds 3% of gross domestic product. That way, the argument goes, congressmen would have a strong incentive to make compromises and balance the budget.

Part...