You know things are bad for President Obama when even Warren Buffett has soured on the ACA and says that "we need something else."

Famed investor Warren Buffett said he would "scrap Obamacare and start all over."

Buffett said: "Attack the costs first, and then worry about expanding coverage. I would much rather see another plan that really attacks costs. And I think that's what the American public wants to see. I mean, the American public is not behind this bill."

"We have a health system that, in terms of costs, is really out of control," he added, "and if you take this line and you project what has been happening into the future, we will get less and less competitive. So we need something else."

"What we have now is untenable over time," said Buffett, an early supporter of President Obama. "That kind of a cost compared to the rest of the world is really like a tapeworm eating, you know, at our economic body."

Buffett does not believe that providing insurance for everyone is the first step to take in correcting our nation's healthcare system.