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Buffett: Debt Ceiling Game Is 'Russian Roulette'

He says not increasing limit is a dangerous idea

By the Associated Press

Posted Jul 7, 2011 2:54 PM CDT

(AP) – Warren Buffett warned today that Congress is playing a dangerous game with the US debt ceiling. He compared the debate over raising the debt limit to a game of "Russian roulette" with one bullet in a revolver. Refusing five times out of six to raise the debt limit might not be dangerous, he said, but the sixth time could be catastrophic.

"You're playing with fire when you don't need to play with fire," he said on CNBC. Buffett said Congress raised the debt ceiling seven times during George W. Bush's administration, so it would be silly not to do so now. "We don't need to tell the rest of the world that anytime people in Congress start throwing a tantrum that we're not going to pay our bills." More DC talks are set for this weekend.

In this May 2 photo, Warren Buffett gestures during an interview on the Fox Business Network. (Nati Harnik)

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Showing 3 of 6 comments

JonmarkP

Jul 8, 2011 10:23 AM CDT

Oh for Christ's sake, it's a bluff - the GOP is not going to shoot their constituents in the foot: war profiteers, the big banks, Wall Street, the Pharma industry and the investor class know perfectly it's a bluff or the stock market would have lost half its value by now. Obama is just playing along because his goals and the Republican goals are essentially the same - turn America into a third-world country.

brutaltruth

Jul 7, 2011 4:23 PM CDT

Stop insane spending: cut entire cabinet departments & reduce military spending to 1992 levels. Reduce all entitlements by 10% per year until the budget is in balance. In short, tear up the credit card and live within your means, Washington.

JoeQ

Jul 7, 2011 3:08 PM CDT

Simple explanation why they did it under GWB but not Obama: the GOP is only too willing to trash the whole economy just to point the finger at Obama.

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Congress • Warren Buffett • debt ceiling

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Buffett: Debt Ceiling Game Is 'Russian Roulette'

He says not increasing limit is a dangerous idea

OTHER STORIES ON OUR RADAR

Congress • Warren Buffett • debt ceiling

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More Newser Stories

Boehner Kicks Off New Fight Over Debt

He won't agree to raising ceiling without spending cuts to offset

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Approval dives below 20%

So What's in the Debt Deal?

$1T in cuts now with more later—and a 'trigger' to ensure a second deal

Bachmann Skips Iowa Stops to Vote 'No' on Debt Deal

'Someone has to say no. I will'

Senate Votes Down Reid's Plan

But real deal is still being worked on

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