WARREN BUFFETT: Washington Has Turned The Debt Ceiling Into A 'Political Weapon Of Mass Destruction'

Billionaire investor Warren Buffett is appearing on CNBC’s Squawk Box.

CNBC’s Becky Quick asked about the current budget fiasco we are all witnessing in the Washington.

Buffett characterised it as “idiocy.”

He said that using the debt ceiling as a budget bargaining chip basically turns it into a “political weapon of mass destruction” pointed at the American people.

“You don’t use poisoned gas and say “people won’t die until next Saturday,”” he said.

In terms of a potential default and the prospect of the U.S. dollar losing its status as the global reserve currency, Buffett warned that it would produce chaos over time.

“If this goes past tomorrow, we will definitely see something,” he added.

More to come…

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