Billionaire Warren Buffet Calls Possible US Default Idiocy - WJBF-TV ABC 6 Augusta-Aiken

Billionaire Warren Buffet Calls Possible US Default Idiocy

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One of America's richest men calls a possible US default "idiocy".

Check out the Associated Press Story below.

Buffet says allowing US default would be idiocy

Posted: Oct 16, 2013 7:18 AM EST Updated: Oct 16, 2013 7:19 AM EST

OMAHA, Neb. (AP) - Billionaire Warren Buffet says it would be idiocy for the nation's leaders to allow the United States to default on its bills.

Buffet is a renowned investor who leads the Berkshire Hathaway conglomerate. He appeared Wednesday on CNBC.

Buffet says he doesn't think the federal government will fail to pay its bills, but "if it does happen, it's a pure act of idiocy."

Congressional leaders were still working Wednesday morning on a deal to end the partial government shutdown and prevent default.

Buffet says he hasn't changed Berkshire's spending because of the budget battle.

And he hasn't yet seen an effect on consumer spending in the reports he gets from Berkshire subsidiaries like its furniture and jewelry stores, but that would change if the government defaults.

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