The health care bill approved by House Republicans this week with the support of President Donald Trump will aid the wealthiest Americans at the expense of everyone else and likely drive up the budget deficit, billionaire Warren Buffett said.

“It is a huge tax cut for guys like me,” Buffett said Saturday at the annual meeting of his Berkshire Hathaway Inc. in Omaha, Nebraska. “And when there’s a tax cut, either the deficit goes up or they get the taxes from somebody else.”

At the same time, Buffett said health care costs, which in recent decades have risen much more in the U.S. as a percentage of the economy than in other countries, put the nation at a competitive disadvantage.

The House on May 4 narrowly passed a bill to repeal and replace the Affordable Care Act, former President Barack Obama’s signature health care law. Action now shifts to the