President Barack Obama, preparing for a post-Labor Day speech with plans for stimulating the economy, talked with billionaire Warren Buffett about how to boost job creation and spur growth.

"The president and Mr. Buffett discussed the overall outlook on the economy and the reaction to the headwinds we've experienced over the last couple of months," said Josh Earnest, an administration spokesman. "They talked a little bit about some possible measures that would spur investment and increase economic growth and they also talked about some measures that could address the long-term fiscal situation in this country."

Obama placed the call yesterday to the chairman and chief executive officer of Berkshire Hathaway, who has served as an informal adviser to the president, 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.