Buffett: Health care is U.S. economy's 'tape worm'

Billionaire Warren Buffett (L), CEO and chairman of investment company Berkshire Hathaway, wearing a jacket he was presented from his former shool in Washington, Wilson High School, waves as he leaves after a conversation with David Rubenstein (R), president of the Economic Club of Washingtron, during the club's 25th anniversary dinner in Washington on June 5, 2012. Nicholas Kamm/AFP/Getty Images

(AP) OMAHA, Neb. - Billionaire Warren Buffett says President Barack Obama's health care reforms are a positive step, but more must be done to reduce costs.

The chairman and CEO of Berkshire Hathaway Inc. (BRK) said Friday during an interview on Bloomberg television that health care costs are hurting U.S. businesses because their competitors elsewhere don't pay as much for health insurance.

Buffett says health care costs are "the tape worm, essentially, of the American economy."

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He reiterated his support for Obama Friday. But he says this year's presidential election will be a close race.

Buffett says the unemployment rate will be an important factor in the presidential race, but it won't determine the race by itself.

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