Nov. 3 (Bloomberg) -- Warren Buffett’s takeover of Burlington Northern Santa Fe Corp. today is a $26 billion bet on President Barack Obama’s economic policies at a time when the administration may need the help.

Buffett called the purchase of the railroad by his Berkshire Hathaway Inc. “an all-in wager on the economic future of the United States.” He’s making it at a time when discontent has grown in the U.S. about jobs and growth.

Public approval of Obama’s handling of the economy has slipped to 46 percent in an Oct. 30-Nov. 1 CNN poll from 59 percent in March.

Three elections today, for governor in New Jersey and Virginia and to fill a House seat in upstate New York, may provide an early test of voter sentiment about Obama. While Buffett’s confidence may be a boost for the president down the road, it’s unlikely to have much impact in those races, according to Julian Zelizer, a professor of public affairs at Princeton University in New Jersey.

Buffett’s comment “does seem like an endorsement of the president’s policies,” Zelizer said. Still, “most voters who would be paying attention to this statement probably already have made their minds up so it is hard to see this having a major impact today.”

Obama won office and Democrats gained solid majorities in the House and Senate in part because of the financial crisis that began rippling through the economy in the months preceding the 2008 election. Exit polls from last November’s balloting showed almost two-thirds of voters listed the economy as the top issue. It likely will play a similarly large role when congressional elections are held in November 2010.

Jobless Rate

Although the economy began growing for the first time in a year during the third quarter, expanding at a 3.5 percent annual rate, the Obama administration and most private economists say they expect the unemployment rate will rise above the 9.8 percent hit in September.

“Unless we see a dramatic drop in the unemployment situation, this is going to be the signal issue” for the election, said David Schultz, a professor of political science and economics at Hamline University in St. Paul, Minnesota.

Obama’s spokesman, Robert Gibbs, declined to comment on Buffett’s move or the political impact of his statement.

“The president values his advice, as he does many others, and the president is doing what he believes is right and best to get our economy back on track and moving again,” Gibbs said.

Looking Ahead

He said the administration doesn’t view today’s elections “as something that portends a lot for our legislative efforts going forward or political prospects in 2010.”

Obama has said that his top priority remains job creation and he convened a meeting at the White House yesterday with his top economic advisors to discuss possible new policies.

“We just are not where we need to be yet,” Obama told his Economic Recovery Advisory Board. “The question is how are we going to make sure that people are getting back to work and able to support their families. It’s not going to happen overnight, but we will not rest until we are succeeding in generating the jobs that this economy needs.”

Buffett made other deals during the economic crisis, such as a $3 billion investment in General Electric Co. and a $5 billion commitment to Goldman Sachs Group Inc. last year as a vote of confidence in a $700 billion government rescue package being debated by Congress at the time.

To contact the reporter on this story: Nicholas Johnston in Washington at njohnston3@bloomberg.net

Last Updated: November 3, 2009 15:10 EST