As President Barack Obama works on his much-anticipated plan for creating jobs and cutting the deficit, he is reaching out to some key figures in the business and financial world.

Mr. Obama, who is on vacation this week in Martha's Vineyard, called Warren Buffett and Alan Mulally, the CEO of Ford Motor Co. to discuss ways to spur immediate economic growth and tackle the nation's long-term fiscal problems, White House spokesman Josh Earnest said.

Mr. Earnest said the president would continue with similar outreach this week as he coordinates with his economic team on the plan he is set to announce after Labor Day.