Warren Buffett: Debt Ceiling Fight 'Damn Dumb'

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warren buffett Berkshire Hathaway debt ceiling u.s. government
Nati Harnik/APBerkshire Hathaway CEO Warren Buffett
By Matthew J. Belvedere and Becky Quick

If Republicans and President Barack Obama were to fail to reach an agreement to raise the nation's borrowing authority, that would be "pretty damn dumb," said billionaire investor Warren Buffett in a taped interview that aired on CNBC on Friday.

In addition to the upcoming October or early November deadline on the debt ceiling, the prospects of a government shutdown next month also loom.

But Buffett, while critical of this type of partisan bickering, told CNBC, "the market is not gonna fall apart, because [investors] expect Washington will only act irrationally for a certain length of time."

Republicans are looking at the debt limit issue and the waning government funding as leverage to push deficit-reduction plans.

The GOP-controlled House is pushing through a stop-gap federal funding bill to avoid a shutdown, but it includes measures to gut the president's health-care law.

Obama has vowed to veto any such legislation.


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buckeyelegal391

All the bickering in general is "damn dumb." It should be against the law to use a "Government Shutdown" as a bargaining chip. It would read "Have all the damn dumb arguments you want, but you cannot shut down the government in the mean time." It hurts too many people when/if this happens. Tell the 20 year old dodging bullets in the sand that he's not going to be paid and cannot support his family/children at home. These pretty boys with their charmed little lives in Washington need to get their **** together or get the hell out and get someone in there that can get along for a change. I'm pretty sick of all of them.

September 23 2013 at 3:58 PM Report abuse rate up rate down Reply
dlpeeks

warren buffet is the example of greed spoken of in the Bible,and yes God has a lot to do with this because,everything we have ,own,feed ourelves belongs to God ,he created this universe we live in. for buffet to show how arrogant he is one day God will show warren how little his riches are. God,like solomon is far richer and wealthier than all the people on this planet together. what warren needs to is quit flapping his lips and start giving back to those or give to those who don\'t have. shutting down the government won\'t hurt anyone but the democrats because they are the ones,with obama and obamacare that are the loser,they want to maintain their status quo as champions of working people and as democrat i think that is the wrong course to take. as for obamacare-this is one of biggest scams in history and with these so-called \"navigators\" to assist in getting the citizen health insurance,thats a scam as well,because you opened the door for them to have all your personal history,soc. security number,guess what, identity theft and guess who won\'t let you sue them because. so is warren going to bail-out everyone who has their identity stolen. warren will only sit back and make a buck on us poor hapless souls. me ,my investment is with God,best investment i\'ve made. God bless and have a nice day.

September 23 2013 at 9:48 AM Report abuse rate up rate down Reply
jr hawkins

how about buffet and otherbillionares give back some of thier money for new jobs maybe food health benifits i really like to know what these billionare multi millionares need with all that money you can only buy so many materialistic things these people are not only rich but the interest alone is incrediable also we can thank these rich people for our gas prices they speculate push the market up then cash in and start all over we pay them more than the gas olone cost per barrel

September 22 2013 at 1:52 PM Report abuse rate up rate down Reply
DUDE

If warren thinks more debt is good he should borrow a trillion and give it to the government. Lets let this brilliant man run his company with a trillion dollar debt and show us how its done as according to him that is smart. This goes against every rule of business and only hurts Warrens credabilty. Would he buy a business that was billions of dollars in debt and let the same people run it without cutting anything or changeing anything. NO.

September 22 2013 at 2:21 AM Report abuse rate up rate down Reply
DUDE

Warren Buffet is a master of getting what he wants. Lets see he was behind the so-called Buffet bill that raised my middle class taxes while he did not pay anymore than he did last year so he does not give a darn about the government debt as long as he gets richer. This comeing from top 1% backing this administration, that have got richer even faster. Why does the reporter ask him why he is not running up a 17 trillion dollar debt with Berkshire if he thinks its so smart.

September 22 2013 at 1:53 AM Report abuse rate up rate down Reply
crazy ray

I don't get it. These idiots pass legislation to over spend and now they don't want to authorize payment? Talk about irresponsible. How can you fit 535 clowns in one building?

September 22 2013 at 12:37 AM Report abuse rate up rate down Reply
echopoint2003

Yes as long as the US government keeps printing money people like Warren Buffet will keep getting richer and richer . The dept ceiling does matter . Quit making money appear out of thin air . This makes the dollar worth less and the middle class poorer . Look at the charts . Since the government started running up the debt the average house hold income has dropped . See how that works .

September 21 2013 at 11:39 PM Report abuse +1 rate up rate down Reply
jmg62

If Warren Buffet goes against the "Tea Party influenced GOP" then with all his history over time - perhaps he's right? The Markets may not flux - but already those dependent on Contracts from the Federal Government are AGAIN taking time to prepare for a shut down. More energy wasted on idiocy. And although there are large construction firms put in a holding pattern the one "OUT" they share is "Sub-Contracting" out the work since "No -Bid" contracts are more the norm not the exclusion. The Chinese are - and have been - most agreeable to purchasing these contracts from these construction firms and pay premiums for the pleasure. Even Acelor Mittal an Indian firm making steel for multiple applications maintains profits. The only firms injured are American.

September 21 2013 at 10:00 PM Report abuse rate up rate down Reply
marjorum

I am dumbfound at the comments here. Most show a complete lack of understanding of how the government works, money, economics, and a total misunderstanding of what is happening around them. But to blame it all on Obama, for shame. I agree that Obama has made some mistakes in his presidency, but all in all, he has performed admirably in situations where all ideas coming from him are immediately pooh-poohed by the teaparty.

September 21 2013 at 9:51 PM Report abuse +1 rate up rate down Reply
pftaylor

The poor living of the working does not work. Look at food stamps and welfare. It only makes people wanting more help, not work. Pride ,self -esteem and education is the way to get ahead in life. We can blame everyone else for our situation but it really all boils down to this pure fact.

September 21 2013 at 9:28 PM Report abuse -2 rate up rate down Reply
1 reply to pftaylor's comment
jmg62

pftaylor - Where did you read this interesting "fact"? "We"? Who are you including in "we"? I keep hearing of this "fact" - yet no one can or will say where they've either seen it or read it. If it's merely a surmise - then it is not fact - it's the World through your eyes. Call it what it is or put up what certified site that shows in premises where your logic comes from. As for Food Stamps try using actual figures that the GOP ignored: USDA.GOV along with clicking on SNAP. The numbers are there and are compiled by those in bipartisan government departments that seem to be an affront to your "facts" as you state them. Please avail yourself of these numerical/financial breakdowns prior to answering. I wouldn't want you ASSUMEing anything.

September 21 2013 at 9:52 PM Report abuse rate up rate down Reply